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THE DOT-COM CHILL: ARNAULT POSTPONES EUROP@WEB'S IPO.(Brief Article)
PARIS -- The tough market for tech IPOs has claimed a fashion victim: Europ@web, the Internet investment arm of LVMH Moet Hennessy Louis Vuitton chief Bernard Arnault, on Monday abruptly called off plans for an initial public offering.
The news came just a day before the company had scheduled a press conference detailing the schedule for the IPO.
It could not be learned whether the company would reconsider an IPO at a later date.
In a statement, the firm said the decision was prompted by "recent discussions regarding strategic alternatives regarding Europ@web."
"Europ@web's current capital structure, together with the support of Groupe Arnault, provides it with ample capital to continue its operations, including investments in new companies, for the foreseeable future," the statement said. Groupe Arnault is the Arnault family's personal holding company.
A spokesman for Europ@web declined further detail.
Commenting on the decision, a London-based Internet analyst, who asked for anonymity, said the market was currently adverse to tech IPOs.
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Source: HighBeam Research, THE DOT-COM CHILL: ARNAULT POSTPONES EUROP@WEB'S IPO.(Brief Article)