(Cover) - EN Movies - The Iron Lady is close to a US deal for rights to the film.

The movie, which is based on the life of British Prime Minister Margaret Thatcher and stars Meryl Streep, was the subject of a bidding war that lasted into the early hours of this morning.

Although it hasnt been confirmed who has won the overall rights, there has been speculation that Harvey Weinstein of The Weinstein Co. is a front runner. The company was behind the release of Oscar-winning historical drama The Kings Speech starring Colin Firth. Fox Searchlight are also said to be securely in the running.

Other bidders included Summit Entertainment, Roadside Attractions and Open Road Films, according to insiders at the Cannes International Film Festival.

The bidding war began after scenes from the upcoming biopic were screened at the event.

Phyllida Lloyd is directing the film, which also stars Jim Broadbent, Anthony Head and Richard E. Grant. (C) Cover Media