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PPR presents project to spin off Fnac - union
PARIS Oct 9 (Reuters) - French retail and luxury group PPR has presented a project to spin off Fnac to workers at the books and CD retailer, a union source said on Tuesday.
"The document we received is headlined separation of Fnac from PPR and indicates plans to obtain a separate listing in the stock market (for Fnac)," a union source told Reuters, declining to be named.
The move confirms reports that the group is preparing to hive off Fnac to deconsolidate the struggling retailer from its accounts to focus on its more profitable luxury and sports brands. (Reporting by Astrid Wendlandt; Editing by James Regan)
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