UK: Great Universal Eyes Burberry Float - FT
Great Universal Stores, the UK retail group, is considering a partial flotation of Burberry, the luxury fashion retailer, the Financial Times reported on Wednesday.The FT's website said GUS's board was understood to be examining a range of options for its Burberry subsidiary, including floating a 10-15 per cent stake.A partial flotation would put a clear value on Burberry, which analysts estimated could be as much as £1bn ($1.42bn). It could also flush out interested trade buyers, such as LVMH , the French luxury goods firm, which has been mooted as a possible bidder, the report said.The FT said GUS was expected to make up its mind over the next three to six months. If the board decided to float Burberry, it would be likely to take place in the second half of 2001.But the FT also said it was possible the board could decide to keep Burberry, which has been given a facelift over the past three years. Sales have picked up and are expected to reach more than £420m ($598m) this year, the FT said.(C) Reuters Limited 2000.
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