U.S. office furnisher Haworth agreed to pay 2.96 euros ($4) a share for a majority stake in Poltrona Frau and said it will then bid for the rest, lifting shares in the Italian upmarket armchair maker 18 percent on Wednesday.Family-owned Haworth will purchase 58.6 percent of Poltrona Frau from Charme Investments, Ferrari Chairman Luca Cordero di Montezemolo's holding company, and fellow Italian investor Moschini S.r.L., a statement from the U.S. company and the two major shareholders said.Haworth will then launch a mandatory takeover offer for the rest of the shares at the same price and delist Poltrona Frau from the Milan stock exchange. No value was given for the deal which, Thomson Reuters data puts at about 240 million euros.Despite the crisis, Italy's luxury goods sector is buoyant, with three bidders in the running to buy a 20-percent stake in fashion house Versace, for example, and Poltrona Frau had seen its shares almost double in a year, before Wednesday's rise.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI fell by 0.23% or $-0.08/share to $35.44. In the past year, the shares have traded as low as $29.33 and as high as $38.73. On average, 643179 shares of TRI exchange hands on a given day and today's volume is recorded at 912576.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI fell by 0.48% or $-0.19/share to $39.25. In the past year, the shares have traded as low as $29.40 and as high as $42.10. On average, 825306 shares of TRI.TO exchange hands on a given day and today's volume is recorded at 1238846.
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