Frasers Group says its stake in Hugo Boss now exceeds 50 per cent
Its direct holding is 48.8 per cent, and its total interest, including financial instruments, is 70.96 per cent.
Published
Frasers launched a voluntary offer of €38 per share in June. Modaes reports that the offer valued the shares Frasers did not yet control at about €1.925 billion. Hugo Boss's management board and supervisory board jointly recommended that shareholders reject it.
Its indirect holding through put options has fallen to just under 22.2 per cent, from 29.7 per cent, FashionUnited reports.
The 50 per cent figure depends on the measure used. The direct holding is 48.8 per cent. The total attributable interest, including financial instruments, is 70.96 per cent. Michael Murray has chaired the Hugo Boss supervisory board since September, so Frasers already had influence over the company's governance before this step. Finimize argues that a majority would move the relationship from influence to control.
Hugo Boss abandoned its €200 million share buyback after repurchasing only €4.8 million, following Frasers' statement that it intended to go above 50 per cent, SGI Europe reports.
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