Shares in Poltrona Frau up 18 pct after Haworth agrees to buy group

MILAN Wed Feb 5, 2014 3:15am EST

MILAN Feb 5 (Reuters) - Shares in Poltrona Frau were up 18 percent on Wednesday after U.S. office furniture group Haworth agreed to buy 58.6 percent of the Italian furniture group at a price of 2.96 euros ($4) per share, the Milan stock exchange said.

Michigan-based Haworth, fully owned by the Haworth family, will then launch a buyout offer at the same price on the remaining Poltrona Frau shares.

After initially failing to start trading for excessive gains, by 0813 GMT shares in Poltrola Frau were up 18 percent at 2.932 euros a share.