After joining forces two years ago to buy 51% of Italy's FENDI, LVMH and PRADA are back at the negotiating table concerning the Italian luxury group. LVMH wants to buy PRADA's 25% stake in FENDI and since PRADA has to carry a significant debt burden (EUR 1.2 billion compared with a turnover of EUR 1.5 bn) it will indeed have to sell its share. The negotiations are focussing on the cost of the transaction.