After announcing plans to merge in December of 2016, the two companies have now revealed the termination of their prior deal. The two parties cited interests of their shareholders as the reason for calling off the deal.
In the midst of reducing its distribution network, the company’s earnings before taxes fell 23.6 percent for the first half-year with respect to 2016, equaling 55 million euros as a result of slow sales in its principal markets.
The group of Nordstrom family members seeking to take the eponymous U.S. department store private is offering preferential terms to potential equity partners willing to fund the buyout, according to sources.
Cosmetics company L'Oreal on Thursday predicted it would make a record profit margin this year as it posted higher first-half sales and earnings boosted by growth in luxury products and emerging markets.
French luxury group Kering delivered a forecast-beating rise in first-half operating profit on Thursday reflecting a continued revival of its biggest brand, Gucci, and a strong showing by Yves Saint Laurent.
Anglo American's diamond unit De Beers is open to buying new assets at the right price, its chief financial officer said on Thursday, after the unit reported a 3 percent increase in underlying earnings.