Swiss retail group Maus Frères has acquired Swedish fashion group Gant.

Maus Frères, which owns Lacoste, raised its stake in Gant to more than 95 per cent yesterday, completing the long-running takeover process.

The company snapped up almost 60 per cent of the shares and votes in Gant, including those of chairman Lennart Björk.

Maus Frères initially announced its e32.84 (£24.53) a share cash offer for the lifestyle clothing brand on December 11. The Gant board rejected the offer, saying it undervalued the business and introduced a new dividend policy where at least 75 per cent of its net income would be returned to shareholders.

However, when Maus Frères raised its offer to e33.89 (£25.31) for 24 hours, Björk sold his shares, according to Maus Frères. Assuming a 100 per cent takeover, the deal would now be worth Skr5.36 billion (£423 million), it added.

Björk will remain as chairman of Gant, which has more than 300 stores. Its sales were Skr6.2 billion (£489.2 billion) in 2006.

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