ESSEN, Germany, April 10 Reuters Germany39;s Galeria Karstadt Kaufhof is to be taken over by a consortium of U.S. investor Richard Baker and German businessman Bernd Beetz, the retailer said on Wednesday.

The announcement marks official confirmation of a Reuters report on Tuesday.

Galeria, the nation39;s most prominent retailer, earlier this year began the search for new owners after filing for insolvency following the collapse of its parent Signa, the Austriabased property empire that has become the biggest casualty so far in Europe39;s realestate crisis.

Galeria said it would submit the takeover plan to a local court at the end of April and that creditors would have a vote, likely at the end of May.

Reporting by Matthias Inverardi; writing by Tom Sims; editing by Rachel More and Madeline Chambers

Source Reuters