PPR's Fnac sees stable operating margin by 2016-report
PARIS, June 3
PARIS, June 3 (Reuters) - Fnac, the French music and book retailer that parent PPR plans to spin off this year, expects its revenue and operating margin to stabilise by 2016, Chief Executive Alexandre Bompard told Les Echos newspaper in an interview on Monday.
PPR shareholders will meet on June 18 to approve plans to change PPR's name to Kering and to split off and list Fnac, after PPR failed for years to find a buyer for the business as it refocuses on growing its luxury and sports brands.
If the spin-off goes through, it will mark a return to the market for Fnac, which was created in 1954 and obtained a Paris listing in 1980. PPR started investing in Fnac in 1994 and gained control in 1996. (Reporting by Dominique Vidalon; Editing by Greg Mahlich)
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