January 23, 2014 / 6:36 PM / 5 years ago

House of Fraser eyes IPO after Galeries Lafayette talks end: FT

LONDON (Reuters) - British department store chain House of Fraser is pushing ahead with a return to the stock market after talks about a sale to its French counterpart Galeries Lafayette GALP.UL ended, the Financial Times said on its website on Thursday.

Industry sources said last month the companies were discussing a deal that would see Galeries Lafayette, which has 65 stores and annual revenue of 2.3 billion euros ($3.15 billion), buy the 160-year-old British chain, which has yearly sales of about 1.2 billion pounds ($2 billion).

The FT said House of Fraser had decided to press ahead with a listing, citing people familiar with the situation, saying it was thought that it could obtain a better valuation through an IPO than a trade sale.

House of Fraser declined to comment. Galeries Lafayette was not immediately available to comment.

Reporting by Paul Sandle, Neil Maidment and Pascale Denis; editing by Tom Pfeiffer

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below