VF Corporation blocks Blacks takeover bid
23/04/2010
The parent group of outdoor brand The North Face, VF Corporation, has acquired a 5% stake in UK retail group Blacks Leisure. Analysts in the UK have said that the move will scupper attempts by rival retail group Sports Direct International to take Blacks over.
Media have reported threats of a boycott of Blacks by suppliers, including The North Face, if Sports Direct succeeded in increasing its 28.5% stake in Blacks and taking a controlling interest, as it tried to do last year. A VF Corporation spokesperson said of the latest development: "This investment was made in support of Blacks' continuing restructuring efforts and strong internal management. VF has no plans to increase its ownership position in Blacks Leisure and looks forward to continuing as one of Blacks' many suppliers."
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