Benetton denies report of merger talks with Inditex: spokesman
MILAN (Reuters) - Italian clothing retailer Benetton Group SpA BNG.MI denied on Tuesday a report in an Italian website about possible merger talks with Spain's retail giant Inditex ITX.MI, owner of the popular Zara label.
"We categorically deny the report," a Benetton spokesman said.
Shares in the Italian retailer, who reports preliminary 2011 sales on Tuesday, were up 7.9 percent at 6:01 a.m. ET, after rising strongly the day before.
"Shares are up on the rumors about Inditex, certainly not about the results figures they're publishing later today, which won't be good," a Milan-based analyst said.
Italian website "Il Nuovo Mercato" cited speculations from indirect sources.
(Reporting by Antonella Ciancio, Michel Rose)
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