Al Fayed says won't bid for James Bond studio Pinewood

Billionaire Mohamed Al Fayed said he would not make an offer for James Bond studio Pinewood Shepperton , three weeks after the British firm agreed to be bought over by property tycoon John Whittaker, reports Reuters.

Whittaker's property investment firm Peel Holdings, which is the largest shareholder in Pinewood with a 30 percent stake, did not support Al Fayed's 250-pence-per-share offer, despite topping Peel's latest bid pitched at 200 pence a share.

Last month, the board of the 75-year-old studio, which is also home to the Batman and the Pirates of the Caribbean films, unanimously backed Whittaker's bid.

On April 21, Al Fayed said he was considering making a cash bid for Pinewood Shepperton, whose studios have hosted more than 1,500 films, including blockbusters Casino Royale and Harry Potter.

Al Fayed, who owns the soccer club Fulham, sold the prestigious London department store Harrods to Qatar's sovereign wealth fund last year in a deal worth around 1.5 billion pounds ($2.43 billion).

Pinewood shares, which have gained nearly a quarter of their value since Peel's initial offer, were down 3 percent at 199.4 pence at 1425 GMT on the London Stock Exchange.

Discuss this news here...