DFS Group to Acquire 51% Interest in Canada Duty Free Retailer.SAN FRANCISCO--(BUSINESS WIRE)--Nov. 3, 1997--DFS Group Limited today announced that it has agreed to acquire Agra Inc.'s 51% interest in the duty free retailer Allders International (Canada) Limited, considerably expanding DFS' presence in the North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. market. The interest is held by a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Agra Inc. The acquisition will be of the shares of that subsidiary. Allders International (Canada) Limited operates duty free and gift stores at the international airports in Vancouver, Toronto, Calgary and Halifax and in Banff and Whistler. The acquisition of shares is to be made by B.P.Y.A. 1626 Holdings Limited, a subsidiary of DFS (Distributed File System) An enhancement to Windows NT/2000 and 95/98 that allows files scattered across multiple servers to be treated as a single group. With Dfs, a network administrator can build a hierarchical file system that spans the organization's LANs and Holdings Limited. Completion of the shares purchase, which is subject to several conditions, is expected to occur by Dec. 10, 1997 or earlier. Terms of the purchase were not disclosed. Myron E. Ullman, III, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of DFS Group, stated, "This agreement exemplifies our strategy of serving the international traveler through a balanced combination of retail formats and is an important step in the development of DFS' retail activities in North America." With operations in 16 countries, DFS is often referred to as the only global retailer. Its primary store formats include: DFS Galleria anchor stores in prominent downtown locations, duty free and general merchandise concessions in major Asia/Pacific international airports, boutiques in leading hotels and resorts, and specialty stores. The company has approximately 9,000 employees and annual revenues of nearly $3 billion. Its majority owner is the French luxury goods manufacturer LVMH LVMH Moët Hennessy-Louis Vuitton (upscale retailer) Moet-Hennessy Louis-Vuitton. DFS Group Limited, based in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , is the world's leading retailer to the international traveler. DFS operates more than 150 stores throughout Asia and the Pacific Basin. DFS Group's North America operations include airport and off-airport retail stores in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , Anaheim, Vancouver, Portland, San Francisco, Dallas-Fort Worth, San Jose and Las Vegas. CONTACT: Kekst and Company James Fingeroth or Michael Freitag, 212/521-4800 |
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