Quiksilver to take over French ski giant Rossignol

22nd March 2005, Comments 0 comments

PARIS, March 22 (AFP) - US sportswear group Quiksilver said on Tuesday that it had reached a draft agreement to buy control of French ski manufacturer Rossignol and to make an offer for outstanding shares at EUR 19 euros.

PARIS, March 22 (AFP) - US sportswear group Quiksilver said on Tuesday that it had reached a draft agreement to buy control of French ski manufacturer Rossignol and to make an offer for outstanding shares at EUR 19 euros.

Rossignol is the biggest maker of skis in the world and also has interests in textiles, roller blades, tennis rackets, ski bindings, ski boots and golfing equipment.

Quiksilver said that a takeover would turn it into the leading outdoor equipment and clothing group in the world.

Trading in shares in Rossignol was suspended on the Paris stock exchange and would be resumed on Wednesday, at the request of the company and pending a statement, Euronext market operator said.

The president of Quiksilver, Bernard Mariette, and the president of the supervisory board of Skis Rossignol, Laurent Boix-Vives, were to present their plan at a press conference on Tuesday.

The Quiksilver statement said that Boix-Vives would become a member of the Quiksilver board and president of Roger Cleveland Golf Company, a Rossignol subsidiary specialising in golfing equipment.

A representative of the French CGT trade union had said late on Monday that Boix-Vives, aged 78, and his family, controlling 45 percent and 63 percent of the votes in Rossignol, had agreed to sell their interest to the US group.

The union representative said that the deal would result in the loss of 152 jobs, comprising 100 at Rossignol, and 52 at its upmarket ski subsidiary Dynastar in France.

Rossignol employs 2,900 people of whom half work in France, and owns three factories making skis and snowboards. Two of these are in France and one is in Spain.

© AFP

Subject: French News

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