Hugo Boss ETR: BOSS reported a 9% currency-adjusted decline in second-quarter sales as weak consumer demand and the company's planned strategic realignment weighed on volumes, while gross margin, inventory levels and cash generation improved.
The update comes with less than one week remaining for Frasers Group's $2.2 billion offer to take full ownership of the German company to end.
Frasers Group PLC (LSE:FRAS) has pushed its stake in Hugo Boss above 30%, clearing the threshold that triggers a mandatory takeover offer under German rules. The retail group controlled by Mike Ashley has bought a further 2.55 million shares, equal to about 3.69% of the German fashion house, after counterparties exercised put options on 17 July.
Hugo Boss asked its shareholders to reject Frasers Group's $2.2 billion takeover bid, saying it undervalued the German fashion company.
Rafael Oliveira is set to take the reins from Oct. 1, ending a period of uncertainty at the top of one of the world's largest brewers.
Shares in Hugo Boss rose about 7% on Thursday after Britain's Frasers Group launched a $2.3 billion takeover offer for the German fashion brand.
Frasers Group said it would launch a cash offer of around €1.98 billion to take full control of the premium-apparel company.
Hugo Boss pops 7% after top shareholder Frasers launches $2 billion takeover offer
The headline number is true and a little stale. The ALPS Clean Energy ETF (NYSEARCA:ACES) hit a 52-week high in late May and was tracking roughly a 32% gain on the year at that peak, with one outlet pegging the fund at a 19.4% gain in May alone.
The motorcycle company's new chief executive, Artie Starrs, hopes to increase sales with lower-priced bikes.
Luigi Lovaglio of Italy's Banca Monte dei Paschi di Siena said continuity at the top is key to pull through a complex combination with rival Mediobanca.
On Dec. 31, the Oracle of Omaha retired as CEO of Berkshire Hathaway, with Greg Abel succeeding him. Following a 21-month hiatus, Buffett's favorite stock -- one he spent roughly $78 billion purchasing over six years -- is once again being bought.