TTC Grabs €688M Share Of PPR Unit, Eyes Full Stake

Law360, New York (July 26, 2012, 5:52 PM EDT) -- Japanese trading house Toyota Tsusho Corp. beefed up its automotive distribution arm Thursday with an approximately €688 million ($844 million) deal for a stake in PPR Group's CFAO, and said it is considering making an offer for the rest of the African distribution unit's shares.

The €37.50-per-share purchase gives TTC a 28.9 percent interest in CFAO, a unit of luxury goods purveyor PPR that ships cars, machinery and consumer goods to Africa and other French overseas territories, according to the companies.

The Japanese trading house used...
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