In Brief : N.Z. Raider Buys Into French Stores
PARIS — New Zealand corporate raider Ron Brierley has bought stakes in three French department stores, his first step into continental Europe that could be followed by other purchases, a representative said today.
“We may buy more. It depends on the price,†said Stuart Mitchell, managing director of Brierley investment arm IEP Consultants U.K.
Industrial Equity Pacific Ltd., which is 69% controlled by Brierley Investments Ltd., has just bought stakes of 5% in Bazar de l’Hotel de Ville and SA des Galeries Lafayette.
A month ago IEP took 5% of a French regional department store group, Nouvelles Galeries.
“This is the first phase of our continental investment strategy,†Mitchell said. “We are looking for undervalued companies in any sector.â€
IEP also has acquired stakes in Dutch and West German companies, he said, without giving details.
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