Business · Companies · 16 hrs ago
Frasers Group raises stake in Hugo Boss to 50.08%
Frasers Group has taken majority control of Hugo Boss, the German fashion company, by raising its stake to 50.08%.
The British retailer bought nearly 200,000 additional shares for €7.6 million, paying €38.41 per share.
Frasers is majority-owned by billionaire Mike Ashley and has held shares in Hugo Boss since 2020.
In June, it offered other shareholders €38 per share, but Hugo Boss’s management advised them not to accept, saying the price was too low.
The purchase pushed Frasers past the 50% threshold after its earlier offer left it just short.
Frasers says it plans to include Hugo Boss in its group accounts, while a Hugo Boss spokesperson said the change would make little difference to the company.
Frasers may also gain the right to buy more shares through options, but the sources do not say whether it will do so.
Frasers Group raised its stake in Hugo Boss to 50.08 percent by buying more shares.
The British group bought 198,666 shares for about 7.6 million euros, paying 38.41 euros per share.
Frasers said it expects to include Hugo Boss in its consolidated group accounts.
Hugo Boss said the increase in Frasers’ stake would make little difference to the company.
Frasers is majority-owned by British billionaire Mike Ashley.
- Who
- Frasers Group, a British company majority-owned by Mike Ashley, raised its stake in Hugo Boss.
- What
- It bought more shares, bringing its holding to 50.08 percent.
- When
- Friday evening, according to the reports.
- Where
- Hugo Boss, the German fashion company.
- Why
- Frasers had said it wanted to exceed 50 percent through further share purchases after its takeover offer narrowly fell short.
Frasers Group
Hugo Boss management
Offer price
Frasers Group
Frasers offered 38 euros per share in June.
Hugo Boss management
Hugo Boss’s executive board and supervisory board considered the price too low and advised shareholders not to accept.
Frasers Group became a shareholder in Hugo Boss.
Frasers offered Hugo Boss shareholders 38 euros per share, but the company’s executive board and supervisory board advised against accepting.
Frasers said it intended to exceed 50 percent through further share purchases.
Stephan Sturm stepped down as Hugo Boss supervisory board chairman, and Frasers chief Michael Murray was later elected to the role.
Frasers reported that its stake had reached 50.08 percent.
- Frasers stake
- 50.08 percent of Hugo Boss’s share capital
- Shares bought
- 198,666
- Price per share
- 38.41 euros
- Cost
- About 7.6 million euros
- Possible additional shares
- Up to 21.87 percent through sold put options
3 sources
What people are saying
The increase has been noted. However, little will change for the company.
The step is in the best interests of Frasers shareholders.
I have always understood my role to be acting in the best interests of the company and all shareholders.