British Firm Foiled; Harrods to Remain in Egyptian Hands

British-based mining and trading conglomerate Lonrho lost the final round of a court battle today to wrest control of London’s luxury department store Harrods from the Egyptian Fayed brothers.

The House of Lords, Britain’s highest court of appeal, blocked Lonrho’s attempt to force Trade Secretary Lord Young to refer the 1985 takeover of Harrods’ parent company, House of Fraser, to Britain’s takeover commission.

It also refused to order Young to publish a secret report compiled by the Trade Department on the acquisition of Harrods by Mohammed, Ali and Salah Fayed for $990 million in one of Britain’s most acrimonious takeovers. Lonrho’s own bid was blocked by the government four years ago.