listing

The family behind the luxury goods maker Ferragamo has upped its stake in the company by 2%, following a sale of shares by the Hong Kong-based Woo family.

According to Reuters, the Ferragamo family’s holding company has increased its stake to 58.24% from its earlier 56%.

This rise came after the family’s long-time partner, businessman Peter Woo, cut his stake in the Italian shoemaker. Reuters said the company filing showed that Woo sold a 2% stake for €30.3 million, at €9 per share.

Fashion group Prada said it plans to list its shares in the Hong Kong Stock Exchange, as it looks to exploit its name in Asia where it sells a sizeable chunk of its brands.

Analysts say that the initial public offer could value Prada at more than $8 billion. With demand for luxury goods on the rise in Asia, Prada has bargained that the timing of the listing would be ideal.

Louis Dreyfus, the family-owned French conglomerate, is in preliminary discussions with supply-chain management company Olam over business collaboration and a possible merger.

Olam made the announcement in a letter to shareholders on 24 September in response to press speculation yesterday concerning Louis Dreyfus. The statement went on to stress that the discussions "are still preliminary" and that "the possible collaboration may not even proceed," the letter read.

India-based Essar Energy, a subsidiary of family-owned Essar Group, released half-year results showing a profit before tax of $154.4million, a decrease from $233.6million in the same period a year ago.
 
However, second-generation Prashant Ruia, vice chairman of Essar Energy, said: "In terms of the actual results of the company we have been more or less in line with our projections. On the refining side, production has totalled 7.2 billion tonnes which has been a record."