The private equity firm Texas Pacific tried to approach Sir Philip Green, the retail tycoon, this week about the prospect of working together to buy the debt of Baugur, the beleaguered Icelandic investor. However, the American investor has been told that Mr Green is determined to press ahead with his attempt to snap up the group.

It is understood that Mr Green or a member of his team did not respond to TPG's attempt to discuss how they may work together to buy up to £2bn of debt owed by Baugur to Iceland's collapsed banks. As a result, the two are now rivals in the race to secure the portfolio.

The Independent