OVS soars over 13% on solid Q4 sales, called off Coin takeover

OVS SpA

01/02/2023 09:21

** Shares of Italy's OVS  OVS.MI  rise almost 14% after
posting Q4 sales higher than expected, the retailer also expects
sales growth to continue in 2023, and sees respite from rising
prices
    ** Trading halted for excess volatility after rising 13.8%
    ** The Italian clothing retailer on Tuesday called off talks
to acquire department store group Coin, preferring at this stage
to reduce its leverage
    ** On the failed Coin acquisition "we consider the news
positive for the stock, as the integration would have been a
complex exercise", Intesa SanPaolo says in a note
    ** According to Banca Akros, fourth quarter results "are
very solid and slightly accelerating" compared to preliminary
indications in mid-December (+10% sales).
    ** By around 0900 GMT the stocks are up 12.8% outperforming
the  .FTITLMS  index, which rises 0.2%
    ** Shares on track for best day since Sept. 21, when it
closed 22% higher on the back of a strong quarterly report.
 (Reporting by Romolo Tosiani
Editing by Keith Weir)
 ((romolo.tosiani@thomsonreuters.com))