Christina Ong, the owner of London’s Metropolitan and Halkin hotels, is to take control of the luxury, handbags, clothing and furnishings group, Mulberry.

The company last week announced it was raising £3.5 million ($5 million) through a two-for-seven open offer at 28p ($0.40) a share. Mrs Ong expects her shareholding to increase from 41.5% to a maximum of 56.6%.

Roger Saul, who was ousted as the company’s chairman and chief executive in November, 2002 will not subscribe to the offer. His shareholding is expected to fall from 38% to under 30%.

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