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Financial Mail - - SHOP TALK -

1. Ac­tivist fund buys 2.5% stake in Pernod

El­liott Man­age­ment has built up a stake in French drinks com­pany Pernod Ri­card and called on the fam­ily-backed group to boost profit mar­gins and im­prove re­turns for in­vestors. El­liott’s stake in Pernod Ri­card is just over

2.5%, its first hold­ing in a French bluechip, worth around €930m. The fund has met Pernod chair and CEO Alexan­dre Ri­card to dis­cuss the way for­ward.

2. Ten­cent Mu­sic raises al­most $1.1bn in IPO

Ten­cent Mu­sic En­ter­tain­ment Group raised close to $1.1bn in its US

IPO af­ter pric­ing its shares at the bot­tom of its tar­geted range. The mu­sic arm of gam­ing and so­cial net­work gi­ant Ten­cent Hold­ings priced its Amer­i­can de­posi­tary re­ceipts at $13 a share, at the low end of its in­di­cated $13-$15 a share range, it said in a fil­ing with the Hong Kong stock ex­change. The IPO val­ues Ten­cent Mu­sic at $21.3bn.

3. A miss for In­di­tex

Zara owner In­di­tex re­ported thirdquar­ter profit be­low an­a­lysts’ ex­pec­ta­tions due to cur­rency ef­fects, but the global re­tailer main­tained sales and mar­gin guid­ance for the rest of the year. In­di­tex, which also owns up­mar­ket la­bel Mas­simo Dutti and teen brand Ber­shka, launched on­line sales for Zara in 106 new mar­kets last month.

4. Sho­prite opens in Kenya

Sho­prite, which is seek­ing a foothold in Kenya’s re­tail in­dus­try, opened its first store in Nairobi this week. The mar­ket has a for­mal re­tail pen­e­tra­tion of 33%, mean­ing roughly a third of shop­ping is done in stores rather than mar­ket­places.

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