ÿhléns will not complete acquisition of RNB's operations at NK
(Thomson Reuters ONE) - ÿhléns has elected, pursuant to the share-transfer agreement datedMarch 24, 2009 providing RNB and ÿhléns with a mutual right toabstain from the transaction as of December 1, 2009, not to completethe acquisition of RNB's operations at NK in Stockholm and at NK inGothenburg.The Swedish Competition Authority's assessment is that ÿhléns,through its acquisition of RNB's operations at NK, would achieve anexcessively dominant position in the market for selective cosmetics.The ÿhléns Group does not share the Swedish Competition Authority'sopinion, which has caused uncertainty and resulted in a protractedtransaction process."Departments & Stores Europe AB is a well-managed company with anattractive market position. However, in view of the SwedishCompetition Authority's position, which ÿhléns does not share, wehave now decided to terminate the process and focus on otheropportunities," says Thomas Axén, President and CEO of the ÿhlénsGroup."A considerable amount of time and resources has been spent by bothparties on ensuring the completion of this transaction, which willnow not materialize. Today's decision by ÿhlens to discontinue thetransaction, and its implications for RNB, will now be assessed. Aspreviously noted, three possible scenarios remain: that RNB decidesto divide its operations at NK and sell them in sections, that RNBsells the operations as a whole to another company or that RNBretains the operations. As today's information is new to us, wecurrently have no comment as to the likelihood of the variousscenarios," says Mikael Solberg, President and CEO of RNB RETAIL ANDBRANDS.For further information, please contact:Cecilia Lannebo, IR RNB RETAIL AND BRANDSTel: +46 (0)8-410 520 45, +46 (0)768-87 20 45, e-mail:cecilia.lannebo(at)rnb.seRNB RETAIL AND BRANDS AB is organized on the basis of two businessareas - Polarn O.Pyret and a distribution platform for national and internationalbrands. Polarn O. Pyret is abrand focused on baby and children's wear. The distribution platformconsists of two mainareas, Department Stores and Store Concepts. Department storeoperations are conductedvia stores in the NK, Steen & Ström, Illum and Kosta outletdepartment stores. The storeconcepts comprise JC, Brothers and Sisters.http://hugin.info/132993/R/1358205/330619.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 01.12.2009 - 08:30 Uhr
Sprache: Deutsch
News-ID 9069
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