Switzerland's Maus Freres buys control of Lacoste
GENEVA/PARIS (REUTERS) - Switzerland's Maus Freres Group has agreed to buy an additional 30.3 per cent stake in Lacoste SA, on top of the 35 per cent it already holds and valuing the classic French sportswear maker at between 1.0 billion euros (S$1.6 billion) and 1.25 billion euros.
The sellers are a group of family shareholders including Michel Lacoste, former chairman and chief executive of Lacoste and the son of Rene Lacoste, the founder of the brand that bears the crocodile symbol.
Swiss family-held group Maus Freres said in a statement issued in Geneva on Friday it was offering the same conditions to buy the shares of the remaining family shareholders.
The deal comes amid a Lacoste family feud over the management of the brand that has pitted Michel Lacoste against his daughter, Sophie Lacoste-Dournel, who was named non-executive chairman in September.