MOULINEX SHARES FALL TO 1987 LOW ON PARIS BOURSE
French domestic appliance maker Moulinex
<MOUP.PA> shares continued to fall on the Paris Bourse reaching
its year's low amid controversy over an auditor's report on
1987 profit forecasts, dealers said.
    A Moulinex spokesman said a "mutilated" copy of the report by
Paris auditors Syndex, which gave a poor impression of the
company's prospects, had caused the stock to fall sharply.
    Meanwhile, Moulinex said in a communique that it stood by
its April forecast of a 1987 parent company net loss of 41.7
mln francs vs a 226 mln loss in 1986.

    The spokesman said 50 pages of the 200-page report,
commissioned by Moulinex's staff/management committee, had been
circulated to several Parisian stockbrokers.
    The Syndex report said the company's 1987 target would be
difficult to achieve, thereby causing Moulinex stock to drop
almost 13 francs in two days to 75.10 francs per share.
    A Syndex spokesman said yesterday that the auditors were
"shocked" by the leak of a confidential document and attributed
it to "malicious intentions." Several Paris brokers said it was
likely that corporate "raiders" interested in a takeover bid had
put out the Syndex report to bring down the share price.

    Moulinex shares have fluctuated considerably since the
beginning of the year on takeover rumours, reaching a high of
122 francs.
    Group president Jean Mantelet, who is 87, said in February
that he intended to transfer his 42 pct stake in Moulinex to
the company's employees. However, a company statement issued at
the same time said a management buy-out was only one of several
options.
    The rest of the group's equity has been held by private
investors since March when <Scovill Inc> of the U.S. Sold its
20 pct holding in the company.

 REUTER
