New Look owner mulled over Argos takeover

South African entrepreneur and billionaire owner of New Look, Christo Wiese, had mulled over making a bid for Argos prior to Sainsbury's 1.3 billion pounds takeover deal with the catalogue retailer.

The business man is said to have been interested in expanding his current British rule, which includes Virgin Active gyms and explored possibilities for the company with the former chief executive of Asda, Andy Bond, reported the Sunday Times on Sunday. A source claims that the duo closely followed Argos's parent company Home Retail Group, but eventually decided to move on.

Prior to Wiese acquisition of New Look last spring, the billionaire entrepreneur was examining options to take over UK retailers via his investment holding firm, Brait.