Arcandor to keep 49 pct of mail-order unit Neckermann to boost sales price |
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Published
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Mon, 29 Oct 2007 08:53
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FRANKFURT (Thomson Financial) - Arcandor AG plans to retain a 49 pct stake in its mail-order unit Neckermann until the company is floated on the stock market, rather than selling 100 pct to an investor, Sueddeutsche Zeitung reported, citing the head of the company's mail-order operations, Marc Sommer.'We are hoping for a higher sales price through this solution because we are convinced that Neckermann is on track,' Sommer told the newspaper.The company will post a low double-digit mln eur loss this year and will return to profit in 12-18 months, he said.He said Arcandor will likely divest its stake in Neckermann by way of an IPO in a few years. The company expects to sell the remaining 51 pct of Neckermann to a financial investor by the end of November.maria.sheahan@thomson.commas/sljCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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