Tod's chief set to pocket over $135 million from Saks sale
NEW YORK/MILAN (Reuters) - Italian businessman Diego Della Valle is set to pocket around $136 million profit through the planned sale of U.S. department store operator Saks SKS.N that was announced on Monday.
Della Valle, chairman of shoemaker Tod's (TOD.MI), built up a stake of nearly 15 percent in the upmarket shopping chain in 2010 for around $10 per share, according to regulatory filings.
Saks shares have risen over 85 percent in the last three years, continuing their climb when Canadian firm Hudson's Bay Co (HBC.TO) said on Monday it had agreed to pay $2.9 billion including debt for the company.
A spokeswoman for Della Valle declined to comment on the potential capital gain from the deal.
Alongside his role at the helm of the luxury leather business started by his grandfather, Della Valle is an outspoken investor in Italian publisher RCS Mediagroup RCS.MI and sits on the board of French conglomerate LVMH (LVMH.PA).
Shares in Saks rose 3.4 percent on Thursday, almost reaching the $16 price offered by HBC.
(Reporting By Phil Wahba and Isla Binnie, writing by Isla Binnie; Editing by David Evans)
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