El Corte Inglés: Plaça de Catalunya, Barcelona
A report in today's Financial Times [subscription required] says that a long-running family feud at El Corte Inglés will be back in court this week, with a panel of three judges meeting to establish a method for valuing the closely-held company. Their decision is expected over the coming month or so.
The feud goes back to 2005 when one family member wanted to sell off his stake in the company. Initially, the valuation was set at the department store group's book value. Needless to say, this inadequate valuation method was challenged, with the result that two business school professors came up with a valuation of 2.3 times book value, or between €14.7bn and €16.6bn. [For more details, see this earlier article in the FT.] But their work was also challenged, and to date, there has been no agreed valuation method which has been acceptable to all parties.
No comments:
Post a Comment