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BULLETIN: Luxury-Goods Group Gucci Proposing Shareholder Payments May 03
Standard & Poors, May 2003
Abstract
PARIS (Standard & Poor's) May 28, 2003--Standard & Poor's Rating Services said today that shareholder payment of -13.5 per share (in addition to the -0.50 ordinary dividend) proposed by the Italian luxury-goods group Gucci would not affect the ratings on Gucci's majority owner, Pinault Printemps Redoute S.A. (PPR; BBB-/Stable/A-3). If the proposed dividends are approved, the apparent cash leakage outside the consolidated PPR group (about -492 million based on PPR's current ownership of Gucci) will be fully compensated by an equivalent adjustment ($16.28 at current exchange and interest rates) to the $101.50 price that PPR has agreed to guarantee, via a public bid, to Gucci's minority shareholders on April 30, 2004. PPR's liquidity, which was recently boosted by significant asset...
Companies mentioned in this report are: PPR S.A.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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