Leder & Schuh denies report on takeover talks with Poland's CCC

Image
Reuters VIENNA
Last Updated : Jan 23 2019 | 7:06 PM IST

VIENNA (Reuters) - Family-owned Austrian shoemaker Leder & Schuh Group denied a media report on Wednesday that it had held talks with Polish clothing retailer CCC about a possible takeover by its bigger rival.

Austrian newspaper Der Standard reported on Wednesday that CCC had held "intensive" talks with Leder & Schuh about buying it but the two sides had failed to agree on a purchase price.

CCC and other unnamed investors remain interested in buying the Austrian group, Der Standard said, citing people familiar with one or more of the companies involved.

Leder & Schuh board member Werner Weber said there were no such talks.

"A sale is not an issue," Weber told Reuters when asked about the media report.

CCC's Deputy CEO Karol Poltorak told Reuters that the company does not comment on market rumours.

The Polish group, which has stores in central and eastern Europe, booked an operating profit of 94 million euros on sales of 978 million euros in 2017.

It bought a 70 percent stake in Swiss shoe retailer Voegele, a 51 percent stake in online footwear store DeeZee and a minority stake in Germany's Reno retail chain last year.

Leder & Schuh, which owns shoe retailers Humanic and Shoe4You, made a pre-tax profit of 15 million euros in 2017 and remained operationally profitable in 2018, Weber said.

(1 euro = 4.2854 zlotys)

(Reporting by Francois Murphy and Alexandra Schwarz-Goerlich in Vienna, Anna Koper in Warsaw, writing by Kirsti Knolle, editing by Susan Fenton)

Disclaimer: No Business Standard Journalist was involved in creation of this content

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Jan 23 2019 | 6:55 PM IST

Next Story