FRANCE: Paris Court temporarily suspends Printemps sale
The Paris Appeal Court has temporarily suspended the sale of department store chain Printemps to Qatar-backed Tamburi Investment Partners.
The move followed a lawsuit filed by staff unions.
The EUR1.8bn (US$2.5bn) sale, approved by France's Competition Authority, was completed on 31 July 2013.
However, the Court concluded, "that due process was not respected with regard to informing and consulting Printemps works council on the consequences of the change of ownership plans".
It ordered "the suspension of the effects of the cession" until such time as the relevant due process had resumed.
In a statement, Printemps said the Court's decision "in no way calls into question the change of ownership". It added that a Paris High Court "had fully validated" the consultation process over the sale.
A new works council meeting will be convened shortly in conformity with the Appeal Court's judgement, Printemps said.
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