China's Fosun mounts takeover bid for German fashion chain Tom Tailor

China's Fosun mounts takeover bid for German fashion chain Tom Tailor

Photo: Reuters

Chinese conglomerate Fosun International announced a takeover bid for troubled German clothing retailer Tom Tailor on Tuesday, further expanding its reach into Europe’s fashion sector.

Shares in Tom Tailor surged 14 percent to 2.46 euros after the company said Fosun was increasing its shareholding to 35.35 percent by buying new shares worth 2.26 euros each. That will lift Fosun‘s stake above the 30 percent threshold that triggers a mandatory takeover offer under German law.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter