By Simon MEADS
LONDON | Tue 20 Sep, 2011 12: 41 BST
LONDON (Reuters) - French retail group PPR (PRTP.)(PA) said that it has postponed the sale of the business catalogues of Redcats, as people familiar with the said that deals were expected to well below the minimum price €1.5 billion (£ 1.3 billion) come in.
The deal is the latest in a flurry of auction processes moved or frozen markets, especially for private equity firms, finance and worsening the Outlook for company shelved.
"PPR end of the auction for the sale of Redcats was finished," a PPR spokesman said on Monday, adding that the group still finally had to sell the business.
PPR Rothschild red rented.UL this year to seek buyer for Redcats, including the brand La Redoute, Stella McCartney children and OneStopPlus.com.
The company had attracted interest from several private equity firms including advent, Apollo, Bain, Carlyle, Cinven and a team of TPG and PAI, said people.
However, first-round bids due on Tuesday expected to PPR 1, 5-2 reaches billion euro price target, said two people who are familiar with the operation.
Gefrorenen credit markets are partial guilt, if potential tenderers are also cautious about the business trade Outlook, some of the people said.
The sale of Redcats is part of PPR's strategy to concentrate, luxury brands such as Gucci. The Group sold furniture retailer Conforama last year and plans to dispose of electronics and books retailer FNAC.
At the same time has the Group strengthen its luxury Division searched. Chief Executive Francois-Henri Pinault said recently the company talking to Italian Brioni Schneider to buy.
To move an active first half for offers, more and more sales or not seller price expectations.
French engineer Schneider Electric SA (fast.)(PA) delayed the sale of the subsidiary of custom sensors & technologies, while reasons, failed bids for the Permira Perm.UL-TV production company All3Media to meet expectations, said people familiar with these processes.
PPR and Rothschild rejected an opinion.
(Reporting by Simon MEADS; additional reporting by Sophie Sassard and Astrid Wendlandt in Paris;) (Editing by Steve Slater, David Cowell, and David Hulmes)
View the original article here
0 komentar:
Posting Komentar