12th Jun 2020 17:25
(Alliance News) - FTSE 250-listed Frasers Group PLC on Friday said it recently acquired a total of 3.55 million shares in German fashion house Hugo Boss AG for EUR108 million.
Mike Ashley's Frasers Group acquired 120,000 shares of common stock and 140,000 shares of common stock via contracts for difference.
Further, the Sports Direct and House of Fraser owner bought 3.3 million shares of common stock via the sale of put options, representing a 4.7% stake in Hugo Boss.
"This investment reflects Frasers Group's growing relationship with Hugo Boss and belief in Hugo Boss' long-term future. Frasers Group intends to be a supportive stakeholder and create value in the interests of both Frasers Group's and Hugo Boss' shareholders," the Shirebrook, East Midlands-based firm said.
Frasers Group closed down 1.0% at 323.00 pence in London on Friday, while Hugo Boss shares closed up 2.5% at EUR27.28 in Frankfurt.
By Arvind Bhunjun; [email protected]
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