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HDFS considering stake in Elmec Sport October 5, 2007

Posted by grhomeboy in Business & Economy.
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Greek retailer Hellenic Duty Free Shops (HDFS) said yesterday it was in talks to acquire a majority stake in Greek listed apparel retailer Elmec Sport.

“HDFS is in advanced negotiations with Homeric Department Stores to acquire its total participation in Elmec Sport,” HDFS said in a statement. Homeric Department Stores holds 51.83 percent in Elmec, according to Reuters data.

The stake is valued at about 113 million euros ($159.4 million), based on Elmec’s current market value of 217 million. HDFS, majority-owned by Greek jeweler Folli-Follie, has exclusive rights to run duty-free retail stores at border crossings in Greece until 2048.

UPDATE > 6 October 2007

HDFS to buy 51.9 pct stake in apparel retailer > Hellenic Duty Free Shops (HDFS) said yesterday it will buy a majority stake in apparel retailer Elmec Sport for 115 million euros. HDFS, had revenues of 300 million euros last year. “The deal is expected to boost HDFS turnover considerably,” an analyst who declined to be named said. Elmec operates department stores and sells Harley Davidson and Nike among other well known brand names, apparel in Greece. It had sales of 181 million euros last year.

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