Hugo Boss

Frasers Group announces it will further increase its stake in Hugo Boss to reach more than 50 percent of the share capital and voting rights. After a voluntary takeover offer, Frasers raised its holding from 26.06 percent to 47.89 percent, thereby pressing for influence over the supervisory board and management; support for supervisory board chairman Stephan Sturm is being openly questioned. Hugo Boss subsequently suspended its recently launched share buyback program. The company is undergoing a strategic realignment and recently reported declines in sales and earnings, while future leadership and strategic planning remain unclear. » Mere på faz.net

HUGO BOSS is ending the share buyback program started in early August one week earlier than planned after the Frasers Group announced it intended to raise its stake to over 50 percent. Around five million euros have so far been spent on repurchases. The management board continues to express confidence in the strategy and says it will consider resuming the program in due course. Frasers most recently held about 47.89 percent and has been pursuing a takeover since June. » Mere på finanzen.net

Hugo Boss is temporarily stopping the share buyback program that began on 24 August, effective 8 September. The decision follows an announcement by major shareholder Frasers Group that it is considering a takeover to acquire a majority stake and will reconsider its support for supervisory board chairman Stephan Sturm. Since the program started, 124,044 treasury shares have been repurchased for around €4.8 million; Hugo Boss reiterates confidence in its strategy, says the capital allocation framework remains unchanged, and that resuming the program will be considered in due course. » Mere på finanzen.net