PPR board backs Fnac unit stock-market listing
PARIS, April 17
PARIS, April 17 (Reuters) - French retail and luxury group PPR said its board unanimously backed the planned stock-market listing of its Fnac retail unit through a distribution of shares to existing shareholders.
PPR, which will change its name to Kering from June 18, will propose a supplementary cash dividend of 2.25 euros ($2.93) a share and a dividend in the form of one Fnac share for every eight Kering shares held, the company added.
Fnac shares will be listed on the Euronext Paris exchange from June 20, PPR said in a statement on Wednesday.
($1 = 0.7668 euros) (Reporting by James Regan; Editing by Lionel Laurent)
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