PPR SELLS STAKE: French retailer Pinault-Printemps-Redoute is selling its remaining 10 percent stake in consumer credit firm Finaref to French bank Credit Agricole in a deal valued at 265 million euros, or $360.9 million at current exchange rates. Authorization by a French committee of credit establishments and investment enterprises is needed for the deal to move forward, the firms said in a joint statement. Selling its stake in Finaref allows PPR to “finalize its strategic shift aimed at concentrating on its two strategic activities of retail and luxury goods, while continuing to reinforce its financial structure,” the company said. PPR sold 90 percent of Finaref to Credit Agricole in Dec. 2002. LEVI EXTENDS TENDER DEADLINE: Levi Strauss & Co. is extending the date on its cash tender offer on up to $450 million of its outstanding 7 percent notes due 2006. Holders of the notes will now have until midnight, EST, on Jan. 12, to make the early tender. All other terms of the offer remain unchanged.NIKE LOSES SUIT: A Chinese animator has won a court battle against Nike over the company’s use of a stick figure illustration, China media reported Friday. Internet cartoonist Zhu Zhiqiang had sought $240,000 in compensation from Nike, as well as a public apology for copying one of his illustrations. A Beijing court ruled Wednesday in Zhu’s favor, ordering Nike to pay $36,000 in compensation and issue a public apology to Zhu, according to reports. Nike said it would likely appeal the decision. Separately, Nike said it had donated $1 million to the relief effort in Southeast Asia. The firm said that all direct Nike Southeast Asia employees had been accounted for and that Nike will assist employees in locating missing family members.

To access this article, click here to subscribe or to log in.

To Read the Full Article

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus