CTC nears total control of Ermes following mandatory bid

The Cyprus Trading Corporation (CTC) has increased its direct holding in Ermes Department Stores Plc to 86.275 per cent, following the completion of its mandatory takeover bid for the retailer’s remaining shares.

According to the announcement, preliminary results showed that shareholders tendered 15,810,257 Ermes shares, representing an acceptance rate of 9.060 per cent, during the offer period that ended on July 13....