Moncler not in talks to take over Burberry, sources say

Italy’s Moncler is not in talks to take over Burberry, four sources close to the matter said on Monday 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.