SWEDEN: Lindex posts buoyant October sales
Swedish clothing retailer Lindex, currently the subject of a takeover bid by Finland's Stockmann department store chain, saw like-for-like sales rise 8.5% during October.
Lindex also reported that like-for-like sales had risen 9.9% during September and October, compared to the same period last year.
The company said it was releasing the figures to help shareholders reach a decision on Stockmann's EUR870m (US$1.27bn) bid for the company. However, it added that it would not necessarily continue to declare sales in the same way.
Lindex, which has 350 stores in seven countries, has already approved Stockmann's offer of SEK116 per share, as has the Finnish Competition Authority. Other approvals are expected by the end of November.
In October, Stockmann cleared a significant obstacle to the completion of the deal when it registered the Lindex trademark in Russia, where the Finnish company has several stores. It believes that Lindex will be a good fit as both companies have been focusing on expansion outside their domestic markets.
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