By Helen Reid and Elisa Anzolin
LONDON/MILAN (Reuters) -Italy’s Moncler (MI:MONC) is not in talks to take over Burberry (LON:BRBY) , four sources close to the matter said on Monday (NASDAQ:MNDY) in response to a report by Britain’s Mail on Sunday that a bid by Moncler was imminent.
Shares in the British luxury brand reversed course after the Reuters report, and were last down 2.2%. The stock was up more than 3% early on Monday on the back of the Mail on Sunday report, the second in a week saying Moncler was preparing a bid.
Burberry will report half year results on Thursday. New CEO Joshua Schulman is expected to announce a strategy update after the brand suffered significant sales declines.
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