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7 hours ago
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Source: AFP
A consortium that includes the US proprietor of sportswear marque Umbro and French telecom billionaire Xavier Niel unveiled Wednesday an connection to get France's struggling sportswear statement Le Coq Sportif for 60 cardinal euros ($68 million).
Know for its iconic Gallic rooster logo, Le Coq Sportif designed outfits for French athletes astatine the Paris Olympics past year, but the institution has been nether court-ordered medication since November.
Founded successful 1882, Le Coq Sportif employs 300 radical successful France and makes jerseys for Argentina's rugby national squad and French football club Nice.
In a connection published the time aft the deadline for takeover bids, the consortium said its extremity was to "refocus Le Coq Sportif connected its halfway individuality arsenic an accessible and fashionable brand, and grow it globally with large fiscal enactment to revive this iconic French label".
The bid is led by Neopar, a French concern steadfast specialising successful business turnarounds, which has a 51 percent involvement successful the project.
Another 26.5 percent is held by a radical of investors including Niel, members of Le Coq Sportif's founding household and Marc-Henri Beausire, main enforcement of the brand's genitor company, Airesis.
Inconix, the US institution that owns sportswear firms Umbro and Starter and denim marque Lee Cooper, has a 22.5-percent involvement successful the bid.
The consortium would instantly inject 60 cardinal euros into Le Coq Sportif and prevention its historical tract astatine Romilly-sur-Seine successful northeastern France.
A determination connected the company's takeover volition beryllium decided by the Paris commercialized tribunal aboriginal successful May oregon aboriginal June, according to a root adjacent to the matter.
Le Coq Sportif owes betwixt 60 cardinal and 70 cardinal euros to nationalist creditor.
Source: AFP
