PPR Plans €1B IPO For African Unit

Law360, New York (November 17, 2009, 1:08 PM EST) -- French retail giant PPR, the owner of Gucci Group, has begun an initial public offering for African subsidiary CFAO that will raise up to €1 billion ($1.5 billion), according to the company.

PPR said in a statement Tuesday that it will sell 31 million shares of CFAO, representing 50.4 percent of the share capital and voting rights in the subsidiary.

The company set a price range of €24.80 ($36.84) to €29 ($43.08) per share, and began the offering on Tuesday, PPR said.

The offering is expected...
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