Kookai Operator Considering Takeover Bid

Groupe Vivarte, the French fashion retailer which operates the Kookai brand, has received a takeover bid from private equity firm PAI.

PAI, which owns a 55.4 per cent stake in the business is offering to buy out the remaining shares at 40 cents (EUR0.4) each. PAI hopes to complete the takeover by the end of this month. Vivarte chairman Georges Plassat, said: "Vivarte now has a majority shareholder willing to develop the group and reinforce its position among the major European players."

Vivarte operates around 2,500 outlets across Europe and sales for 2003 were more than EUR1.9bn.