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.
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.