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Article: Pentland kills Tapie deal. (Pentland Group PLC, Bernard Tapie Finance GmbH) (Brief Article)
- Article from:
- WWD
- Article date:
- October 16, 1992
CopyrightCOPYRIGHT 1992 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LONDON (FNS) - Pentland Group PLC said Thursday it has pulled out of its proposed deal to buy 79.95 percent of Bernard Tapie Finance GmbH, the holding company of Adidas AG. Pentland was to buy the stake from Bernard Tapie Finance SA and other investors far 621 million marks ($425 million).
The proposed acquisition was announced in July. Pentland said that during the last three months of due diligence "a number of matters of which Pentland was not previously aware" were discovered.
Frank Farrant, the group's joint managing director for finance, declined to reveal the nature of the problems, but said they were not strictly financial.
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