German workers' union IG Metall has failed to block Permira's proposed financing package for the takeover of clothing label Hugo Boss as the buyout house seeks to resolve differences over the financial techniques it is using.
Permira bought Valentino, which owns a controlling stake in Hugo Boss, for â¬2.7bn last year ($4.2bn) and wanted to refinance the existing debt on the clothing company against the trade union's wishes.
