PPR presents project to spin off Fnac - union

By Astrid Wendlandt

PARIS, Oct 9 (Reuters) - French retail and luxury group PPR

has presented a project to spin off Fnac to workers atthe books and CD retailer, a union source said on Tuesday.

"The document we received is headlined separation of Fnacfrom PPR and indicates plans to obtain a separate listing in thestock market (for Fnac)," a union source told Reuters, decliningto be named.

The move confirms reports that the group is preparing tohive off Fnac to deconsolidate the struggling retailer from itsaccounts to focus on its more profitable luxury and sportsbrands.

(Reporting by Astrid Wendlandt; Editing by James Regan)


Messaging: astrid.wendlandt.thomsonreuters@reuters.net))

Keywords: PPR FNAC/