Rival's shopping exposes Gucci's weak spot
Article Abstract:
Gucci Group NV's vulnerability to a takeover has been exposed by rival Prada's acquisition of 5% of Gucci's stock. The move makes Prada Gucci's largest shareholder, prompting speculations for a possible takeover. Gucci Chairman and CEO Domenico De Sole is not likely to consider a merger between his company and Prada, and he thinks Prada can not afford to buy Gucci, which based on its current share price is worth approximately $2.85 billion. Prada Managing Director Patrizio Bertelli, husband of founder and designer Miuccia Prada, said in an interview that Prada and Gucci have to merge so that the latter will no longer be vulnerable to a takeover.
Comment:
Its purchase of 5% of rival Gucci's stock exposes Gucci's vulnerability to a takeover
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Publicis to buy U.S. ad agency, boost presence
Article Abstract:
Publicis S.A. of France announced it would acquire Hal Riney & Partners of San Francisco, CA, for an undisclosed amount. The deal would make Publicis one of the top 20 advertising agencies in the US, with US billings of approximately $1 billion, according to Publicis Chairman Maurice Levy. Levy said the company will not stop with the Hal Riney purchase, but will continue to seek other acquisitions to achieve its aim of having 20% of its gross margin in the US by 1999. In addition to Hal Riney, Publicis' other US presence is Publicis Bloom, which has offices in Dallas and New York.
Comment:
Will acquire Hal Riney & Partners of San Francisco, CA, for an undisclosed amount
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Pinault seeks to buy all shares of Christie's
Article Abstract:
Artemis, the private investment arm of French art collector Francois Pinault, offers to buy the remaining shares of Christie's International. The offer, which comes after Pinault acquired a 29% stake in the auction house, puts the value of Christie's at 721 pounds sterling or $1.2 billion. Should the offer prosper, Pinault would become the biggest single shareholder and the first foreign owner of Christie's since it was established in 1766. Pinault cited the promising growth shown by Christie's with sales increasing by 95% since 1991.
Comment:
Offers to buy the remaining shares of Christie's International
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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