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Mulberry loses early gains as luxury group Hermes denies bid interest

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A brief flurry of excitement in Mulberry, the luxury handbag group, after talk it was being stalked by a larger predator.

Reports of a possible £25 a share offer from French group Hermes sent Mulberry shares more than 8% higher to £14.10. The shares are tightly held with Singapore’s Ong Beng Seng and Christina Ong owning more than 56% of the company.

But Mulberry has lost all its gains and is now unchanged at £13 following a denial from Hermes. Deputy managing director Patrick Albaladejo told Reuters: “Hermes denies having had any contact with or planning to acquire the company Mulberry.”

Mulberry issued a profit warning in October but in December it said that sales had improved, helped by better quality raw materials and despite price increases.

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