NEW YORK — Pinault-Printemps-Redoute SA upped its Gucci Group NV stake to 66.65 percent with a series of stock purchases on the Amsterdam and New York stock exchanges during the first three weeks of August.
This story first appeared in the August 22, 2003 issue of WWD. Subscribe Today.
From Aug. 1 to Aug. 20, PPR acquired 1,012,854 Gucci shares for a total price of $97.4 million, or an average of $96.19 a share. Of that, 268,290 shares were purchased on the New York Stock Exchange for $26.4 million, and 744,564 were bought on the Amsterdam Stock Exchange for $71 million. Dollar figures have been converted from the euro at current exchange, as PPR paid 65.1 million euros for the Gucci stock acquired in Amsterdam.
According to a Form 13D filed with the Securities and Exchange Commission, the purchases lifted PPR’s total Gucci holdings to 66,163,850 shares.
As reported, in July, PPR established a stock purchase plan under which Credit Agricole Indosuez Cheuvreux was authorized to buy up to 4 million shares of Gucci on PPR’s behalf between Aug. 1 and Oct. 19. Those purchases, if effected, would put PPR’s stake in Gucci on the cusp of the 70 percent mark it has established as its yearend target.
A similar purchase plan, covering one million shares to be purchased in Amsterdam, was in force between June 11 and July 6.
A 70 percent stake in Gucci would put PPR’s Gucci holdings at about 70 million shares, which would mean that PPR would receive more than $1.06 billion when Gucci makes its special 13.5 euro payment to shareholders.