Enter multiple symbols separated by commas

Harris Associates Looks to Sell Giordano Stake

U.S. investment firm Harris Associates is looking to sell its 14% stake in apparel firm Giordano International as it is not happy with the company's earnings and dividends, the South China Morning Post reported on Monday.

Harris Associates, the second-largest single shareholder of Giordano, is interested in selling its stake if it receives an offer at least 50% above the current share price, the paper said without citing any sources.

Hong Kong-based fashion retailer, Esprit Holdings, Inditex's Zara and Tokyo-listed Uniqlo operator Fast Retailing have been considering taking a substantial stake in Giordano, one of Asia's largest clothing chains, the newspaper said.

Giordano has been vulnerable to a takeover after its founder Jimmy Lai sold his 27% stake in 1996, leaving the company without a key shareholder, analysts said.

Aberdeen Asset Management is the company's largest shareholder, holding 14.73%, according to the Hong Kong stock exchange. The stock has lost about 9.6% in the past three months.

Contact U.S. News


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • This Day in History, May 28

    On this day in history, Chrysler Corporation merges with Dodge Brothers in 1928; in 1987, CompuServe releases new GIF file format, and in 2014, Apple buys Beats Electronics for $3 billion.

  • Bouncing markets await rate date

    There's a big play out there on the June 18th calls on the VIX, says Joe Kinahan, TD Ameritrade, sharing his thoughts on market volatility and why there will be more clarity once a definitive date is set for an interest rate hike.

  • China stocks plunge, Shanghai Comp sheds 6.5% in selloff

    CNBC's Sri Jegarajah reports China stocks sank on fears of tighter margin loan rules. This was a conviction selloff lead by the brokerages, say Jegarajah.