Frasers Group PLC (LSE:FRAS) has increased its direct stake in Hugo Boss to 47.89% after its voluntary takeover offer for the German fashion group closed.
The Mike Ashley-founded retailer now holds 33.05m shares in the fashion group following the expiry of the offer's acceptance period on 18 August.
Frasers said its current intention is to push its holding beyond 50% of Hugo Boss's share capital and voting rights.
The group cautioned there is no certainty as to whether, when, or at what price any further acquisitions will take place, or whether the 50% threshold will be reached.
Frasers said it may continue to buy or sell instruments linked to Hugo Boss shares, including options and derivatives, alongside any direct purchases.
The retailer is also reviewing whether it continues to back Stephan Sturm as chairman of Hugo Boss's supervisory board.
Frasers said the review comes in response to recent market speculation about Sturm's position.
Should Frasers withdraw its support for Sturm, it would be required to publish a formal intention statement under Germany's securities trading law.
Frasers said it will comply with all applicable disclosure and voting rights notification requirements as its investment in Hugo Boss develops.
The move builds on Frasers' long-running interest in Hugo Boss, which began with a stakebuilding campaign that predated the formal takeover offer.
A stake above 50% would hand Frasers effective control of the German group, whose brands include Boss and Hugo.
