Italian retailer OVS calls off Coin takeover talks
(Reuters) - Italy's OVS has called off talks to acquire department store group Coin, OVS said on Tuesday presenting its fourth quarter preliminary results.
The Italian clothing retailer had signed a letter of intent to buy all of Coin's share capital in June. The exclusivity period was then extended in November and expired on Tuesday.
Explaining the end of the talks, OVS said it had decided to continue to focus on reducing its leverage.
OVS reported 420 million euros ($456 million) in net sales for the three months to the end of January, for a total of above 1.5 billion in the financial year as a whole.
The company also said it expects sales growth to continue in 2023, and sees respite from rising prices.
"Compared to the scenario of several months ago, the inflationary pressures on costs that characterised 2022 are slowing down and are expected to reverse in the second half of 2023," it said. ($1 = 0.9212 euros)
(Reporting by Carlo Giovanni Boffa and Romolo Tosiani, editing by Keith Weir)