Frasers lifts stake in Hugo Boss but falls short of majority control
(Alliance News) - Frasers Group PLC on Tuesday increased its shareholding in Hugo Boss AG to nearly 48%, falling just short of taking full control of the German fashion house.
The Shirebrook, England-based retailer is the owner of the House of Fraser, Sports Direct and Flannels brands. Last week, it announced the acquisition of retail chain Harvey Nichols for an undisclosed sum.
On Tuesday, Frasers said it has received valid acceptances for 12.2 million Hugo Boss shares, just shy of 18% of its share capital, as it pursues a voluntary public takeover offer to acquire the Metzingen, Germany-based fashion company.
It means that Frasers owns, or has received acceptances, for just under 48% of Hugo Boss shares, falling short of a majority.
Frasers made a cash bid of EUR38.00 per share back in June but Hugo Boss told shareholders to reject the offer saying it is "inadequate from a financial point of view".
Shares in Frasers were 1.3% higher at 804.50 pence each in London early on Tuesday. Hugo Boss traded 0.8% higher at EUR37.81 in Frankfurt.
By Jeremy Cutler, Alliance News reporter
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