Luxury group PPR announces skateboard trip
French luxury products group PPR ventured into the world of skateboarding on Monday with an announcement it was paying $516.1 million (349.6 million euros) in a friendly takeover of US firm Volcom.
Volcom makes clothing and accessories for skateboarders, surfers and for sunboarders, and PPR described the acquisition as an "important" step in the creation of its division for sport and lifestyle.
PPR said it was offering 24.5 dollars per share, representing a premium of 37.0 percent on the average price of Volcom shares in the last three months.
PPR wants to build a sport and lifestyle brand around its sportswear group Puma in the same way as it has grouped its chic clothing brands around Gucci.
© 2011 AFP