PARIS Aug 8 A Paris court on Thursday rejected
demands by the works council at Printemps to suspend the sale
process of the retail chain to Qatari investors for 1.75 billion
euros ($2.33 billion).
Printemps unions had complained they were not sufficiently
consulted and informed about the transaction or its terms, as
the law requires, and had called for the deal to be halted.
But the court said it found no irregularities in the sale to
Qatari investors of Borletti Group's 30 percent stake and the 70
percent owned by Deutsche Bank's RREEF real estate
"Management of Printemps can now dedicate all the energy
necessary to implement its growth and development plan with the
backing of its new investors, the company Divine Investments,"
the retailer said in a statement, referring to the firm that
represents the Qataris.
Printemps employs more than 3,000 people, working at 16
department stores, and makes more than half of its 1.5 billion
euros in annual sales at its flagship store on Boulevard
Haussmann in Paris.
Borletti and RREFF bought Printemps in 2006 from French
luxury group PPR, now called Kering, for 1.1 billion
($1 = 0.7508 euros)
(Reporting by Astrid Wendlandt; editing by David Evans)