24th Oct 2016 11:47
LONDON (Alliance News) - UK-listed fashion house Burberry Group and US luxury goods firm Coach are not in active merger talks, Reuters reported on Friday citing sources familiar with the matter, in reaction to a report that suggested the two fashion companies were considering a tie-up.
"This is completely speculative. There are no negotiations underway, Burberry is not talking to Coach," one of the sources said. Another source with first-hand knowledge of the matter said such a plan could not be on the cards since the two companies pursued very different strategies.
Burberry declined to comment, Reuters said.
Shares in FTSE 100-listed Burberry ended up 5.3% on Friday after reports that Burberry that Coach was working with investment bank Evercore on a potential merger with Burberry. However, Burberry stock was giving back part of the gains on Monday afternoon, down 1.5%.
By Daniel Ruiz; [email protected]
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