U.S. office furnisher Haworth agreed to pay 2.96 euros ($4) a share for a majority stake in Poltrona Frau before acquiring the rest of the company in a deal the Italian upmarket armchair maker hopes will increase its access to international markets.Shares in Poltrona Frau soared over 18 percent on Wednesday after Charme Investments, Ferrari Chairman Luca Cordero di Montezemolo's holding company, and fellow Italian investor Moschini S.r.L., said they would sell their stakes to the family-owned U.S. group.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.Michigan-based Haworth, which employs 6,000 staff and has 600 dealers worldwide, has revenue of $1.4 billion euros while Poltrona Frau made 247 million euros in 2012.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI traded higher by 0.68% or $0.24/share to $35.68. 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 430353.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI traded higher by 0.74% or $0.29/share to $39.54. 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 1162300.
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