PPR scotches Gucci buyout rumours
Pinault-Printemps-Redoute, the French luxury goods producer involved in a bitter dispute with LVMH (Möet Hennessy Louis Vuitton) over its 40 per cent stake in Gucci, issued a statement last week saying that it had no intention of buying the remaining stake in the French fashion house.
Responding to rumours circulating the week before, the company said: "While it is the long standing policy of Pinault-Printemps-Redoute not to make comments on rumours, the group notes that it has no intention at all to make a public tender offer on Gucci."
LVMH has repeatedly said in the past that the only alternative to PPR mounting a full bid would be cancellation of Gucci's sale of the original stake to PPR in 1999.
Referring to the ongoing court action with LVMH, PPR said it was confident that its investment in Gucci would be "sustained in all of the pending proceedings." The company additionally noted that it was not opposed to the search for a negotiated solution between all of the parties involved in Gucci, so long as it remained in the interest of PPR and Gucci shareholders.
