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(Continued from overleaf)
'I have, of course, obtained the advice of the Director General on your request. In the light of that advice I have concluded that my decision not to make a reference should remain unchanged.'
Whether Tebbit will be influenced by the Financial Times' article remains to be seen. According to the Financial Times : '…extensive investigations have failed to uncover assets with a combined value of anything remotely comparable to the £615 million bid for House of Fraser.'
On 10 March --immediately before Tebbit's decision not to refer the Al-Fayed bid to the Monopolies Commission -- The Observer stressed, in an article entitled 'The bloody Harrods battle': 'The OFT's line of questioning, in view of the flak flying around the Al-Fayeds' £615 million sortie, will be not so much : Is the cash at hand? But rather : Whence it comes?
Throughout the battle, Kleinwort Benson, advisers to the Al-Fayeds, merely said that the funds were available. Kleinwort's John MacArthur declared at the time : 'We are satisfied that the funds to implement the offer in full are available to Kleinwort who are making the offer.'
What is Kleinwort's reaction to the Financial Times' report that no one can be certain of the true beneficial ownership of House of Fraser?
Kleinwort's Lord Rockley said yesterday : 'As far as we are concerned, it is quite clear who bought the shares. It was the Al Fayed brothers.'
Rowland is unlikely to let the matter rest. Referring to the salary increase awards to House of Fraser chairman Professor Roland Smith he added : 'Have you ever heard of a take-over bid being recommended by a chairman who has just had his salary doubled by a co-director who is launching the bid?'
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