Friday, 13 May 2011

Shares in HMV increase - Russian billionaire to buy Waterstones

Shares in HMV have risen sharply on an unconfirmed report it has received a bid for its bookshop chain Waterstone's from a Russian billionaire.

HMV has estimated debts of £130m and is under pressure from its bankers to raise cash and so the sale of Waterstone's may be of use.

Its business prospects have been declining quickly. In March HMV said it expected to make £38m this year, but one month later it said it would only make £30m.

The shares rose at much as 12.5% after the Financial Times reported Alexander Mamut had made a £43m cash offer for the 300-outlet book chain.

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