Wednesday, March 2, 2016

As Fnac, Conforama Darty wants to buy – The World

Le Monde | • Updated | By

The Darty store the Beaugrenelle shopping  center in Paris.

Darty excite envy. After the Fnac, it’s the turn of Conforama make a bid for the brand home appliances. “Darty confirms having received a conditional offer of Conforama [...] to acquire Darty to 125 pence per share in cash,” reported Wednesday, March 2 teaches, following the revelation of this project by the Financial Times .

the operation currently being studied “would mobilize around € 850 million” , according to sources close folder. Made entirely in cash, the offer would counter that of Fnac, primarily in equities, amounting to around 860 million euros.

In November 2015, after two months of discussions, the Board of Darty had agreed to go to the bosom of the group chaired by Alexandre Bompard. Darty’s shareholders must receive Fnac action against thirty-seven Darty actions. To get their agreement, Fnac had added an envelope of $ 95 million, or about 128 pence per share at the close of trading the 1 st of March. It must be buckled in the summer at general meetings of shareholders of Darty and Fnac. Contacted by Le Monde , the group Fnac declined to comment this against-offer.

The operation, however, has everything to worry about the direction of the sign because the British shareholders Darty are despairing of the market capitalization of the group. The title of the former star of the distribution is trading at 115 pence only to the London Stock Exchange. The prospect of depending on market developments Fnac could worry: even if the sign of cultural and technical products brilliantly recovered, it still debate rolled markets through dematerialization and diktat small price Amazon. Moreover, the redemption by Darty Fnac is subject to the hazard of the decision of the Competition Authority, which must decide on the number of stores Fnac should yield to avoid dominance, notably in Paris and Lyon

Read also:. Fnac, Darty, the scenes of a marriage of convenience

Known for keeping management teams

Offer cash to British shareholders Darty is not the only argument Steinhoff International, parent company of Conforama has up its sleeve. Markus Jooste, a number of South African group could also get the support of the management team Darty. Starting with that of Regis Schultz, CEO of the brand, which was opposed to the proposed acquisition of Fnac. Since the acquisition of Conforama to PPR (now Kering) in 2010 to $ 1.2 billion, the South African group is known to have kept in place the management teams. Thierry Guibert, CEO of Conforama upon redemption by Steinhoff, has retained the direction of the sign, until his departure in January 2015 for Lacoste.

Steinhoff International will surely not more ‘argue the “industrial size” of its operation and to praise the “growth prospects,” it opens, says a source close to Conforama. With 6.2 billion euros in turnover, the South African group is number two furniture in Europe. Its network of six thousand five hundred stores worldwide hoisted among the first vendors dishwasher, washing machines and refrigerators. Ultimately, it aims to develop synergies between the purchase Darty – undisputed leader in household appliances in France with € 3.5 billion turnover achieved in 2015 – and the Conforama, strong 3 2 billion euros in sales: the market called “white goods” represents 21% of its business, and the hi-fi accounts for 15% of its activity

But several analysts. questioned specifically on the amount of 85 million euros in synergies Alexandre Bompard ad will generate the new set-Darty Fnac. Surely the sign of cultural products is a big TV provider and flat screens, but it is only a small player in the appliance, it recently invested sector to address the collapse of CD and DVD market.

It remains the south African group to clarify its strategy in Europe. Unknown to the general public, although present in forty-four countries and employing ninety thousand people, the group listed on the Frankfurt Stock Exchange also just made a cons-offer on Home Retail, the group that owns stores Argos furniture in Britain. Or, as Darty, the UK retailer is the subject of a firm offer from Sainsbury’s group. Sign of the new South African bulimia

Read also:. Fnac wants to keep all the stores Darty


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