Italian retailer OVS calls off Coin takeover talks
31/01/2023 17:37
Jan 31 (Reuters) - Italy's OVS OVS.MI has called off
talks to acquire department store group Coin, OVS said on
Tuesday presenting its fourth quarter preliminary results.
The Italian clothing retailer had signed a letter of intent
to buy all of Coin's share capital in June. The exclusivity
period was then extended in November and expired on Tuesday.
Explaining the end of the talks, OVS said it had decided to
continue to focus on reducing its leverage.
OVS reported 420 million euros ($456 million) in net sales
for the three months to the end of January, for a total of above
1.5 billion in the financial year as a whole.
The company also said it expects sales growth to continue in
2023, and sees respite from rising prices.
"Compared to the scenario of several months ago, the
inflationary pressures on costs that characterised 2022 are
slowing down and are expected to reverse in the second half of
2023," it said.
($1 = 0.9212 euros)
(Reporting by Carlo Giovanni Boffa and Romolo Tosiani, editing
by Keith Weir)
((CarloGiovanni.Boffa@thomsonreuters.com;))