PVH to buy Warnaco for Calvin Klein control

A model presents a creation at the Tommy Hilfiger Fall/Winter 2012 collection during New York Fashion Week(Reuters) – PVH Corp will buy rival Warnaco Group Inc for about $2.8 billion in a cash-and-stock deal that will give the company control of the Calvin Klein clothing brand. PVH bought Calvin Klein in 2003 and makes formal and sportswear under that brand, while Warnaco has held the licensing agreements for Calvin Klein jeans and underwear since 1997. Shares of both companies jumped in premarket trading after they announced the deal on Wednesday. …