ITALY: Zignago "No" To Hugo Boss Takeover
Italian holding company Industrie Zignago Santa Margherita SpA on Wednesday said it has no plans to take the reins at German fashion giant Hugo Boss despite launching a takeover bid for the label's owner Marzotto SpA.
Zignago announced earlier this week it wants to buy Marzotto, which also owns fashion house Valentino, so it can achieve its target of creating an integrated drinks and fashion group.
But it said yesterday if it is forced to launch a takeover for Hugo Boss it may renounce its takeover for Marzotto.
Zignago is to offer Marzotto shareholders premiums of 83-91 per cent in a cash-and-equity takeover bid.
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