CTC to launch takeover bid for Ermes

Cyprus Trading Corporation Plc is moving ahead with a mandatory public takeover bid for Ermes Department Stores Plc, after increasing its stake in the company through the purchase of 17.5 million ordinary shares. 

According to the announcement, Cyprus Trading Corporation bought the shares, representing 10.029 per cent of Ermes’ issued share capital, from Department Stores Realisations Limited for a total of €127,758.43, at €0.0073 per share. 

Before the transaction, the company directly held 117,240,047 shares in Ermes...