Business Services Industry
Flotation of South African furniture business may be smart move for GUS.
Knight Ridder/Tribune Business News, August, 2004
Daily Mail, London Knight Ridder/Tribune Business News
Aug. 28--GUS is putting the finishing touches to plans for a partial flotation of Lewis, its South African furniture business, on the stock exchange in Johannesburg.
UBS Warburg is leading October float, which analysts suggest could be worth between UKpound 150m and UKpound 250m. GUS floated part of its Burberry stake two years ago and it wants to repeat that success with Lewis.
GUS still owns 65.8 percent of Burberry and its value has soared by almost UKpound 1.3 billion since it came to the market. It is likely to keep 55 percent-60 percent of Lewis.
The float of Burberry made a multi-millionaire of its US Han-Rose-Marie Bravo, who was handed 1 percent of Burberry on...
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