British jeweller Theo Fennell in takeover talks, shares soar
Sept 5 |
Sept 5 (Reuters) - Luxury jewellery designer Theo Fennell Plc, whose customers include celebrities such as Victoria Beckham and Helen Mirren, confirmed it was in preliminary takeover talks with EME Capital LLP, sending its shares up 51 percent.
The company, which sells jewellery, watches, silver objects, and gifts designed by its namesake founder, said there could be no certainty that a formal offer would be made for the company.
Theo Fennell Plc has been forced to turn its attention to emerging markets like China and introduce a low-cost range of jewellery as demand wanes in recession-hit UK.
The company, valued by the market at 2.72 million pounds ($4.32 million), has been reporting losses since 2009.
Shares in the company, which designed trophies for the Italian and Monaco Formula One Grand Prix events, were up 45 percent at 17.45 pence at 0719 GMT on the London Stock Exchange.
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