Frasers Reviews Support for Hugo Boss Chair Amid Plans to Raise Stake
Frasers' Stake Increase and Supervisory Board Developments
(Correct spelling of Hugo Boss in paragraph 2)
Frasers' Review of Support for Hugo Boss Chair
Sept 1 (Reuters) - Mike Ashley's Frasers on Tuesday said it was reviewing its support for Hugo Boss' supervisory board Chair Stephan Sturm, as it announced an intention to raise its stake in the German retailer to over 50%.
Current Shareholding and Disclosure Plans
Frasers, top shareholder with close to 48% stake in Hugo Boss, said in the case it ceases to support Sturm's position it will make its stance publicly known under German securities rules.
Background: Takeover Offer and Stake Increase
Frasers' Takeover Attempt
Business tycoon Mike Ashley-owned Frasers in June launched a €2 billion offer to takeover Hugo Boss, which the latter urged its shareholders to reject.
Intention to Raise Stake
Frasers said it now intends to raise its stake to over 50% in the retailer, from 26% it owned when it launched its takeover attempt.
Response from Hugo Boss
Hugo Boss could not be immediately reached out to for comment.
(Reporting by Prerna Bedi in Bengaluru; Editing by Sonia Cheema)
