Conforama ended up throwing in the towel. For several months, the furnishing brand was engaged in a battle with no thank you with Fnac to obtain control of the brand home appliances Darty. Wednesday, April 27, the Board of Conforama waived outbid the final offer of “cultural agitator”. According to Le Monde (item cost) , Fnac must file its formal offer “within weeks” . If you have not followed the case, francetv info answers your questions.
Why is she holding Fnac as Darty to buy?
with 261 stores in France and a loyal customer base, the Darty arouses desires. “It becomes profitable again (…), she leaves with such an important franchise development and it has very high quality sites in France, especially in Paris” , told France 3 Jerome Parigi, deputy editor of the trade magazine LSA .
But Conforama and Fnac does not have the same ambitions. If the first ambition was to become the industry leader and the second especially wanted to buy Darty diversify. Broadening its offering in line with the policy pursued by its CEO, Alexandre Bompard, since his arrival in 2011 and the reintroduction of the brand stock market in 2013. To counter the download related losses, cultural teaching has hosted small appliances and more “of connected objects” in its rays at the expense of discs and books.
in this continuity, a wedding with Darty Fnac should enable the group to save, through “synergies”. In other words, by bundling services (such as advertising and logistics), buying in common base of products, optimizing logistics costs (for transportation of goods, for example), etc.
How is the Fnac is imposed?
The battle was long and epic. Fnac and Conforama competed since September to get their hands on Darty, with a first proposal Fnac country in March by a competing offer for Conforama. The battle had suddenly accelerated on April 21, the two companies multiplying the bidding.
In this it presented as a final offer, Fnac still had revised upwards its offer, promising 170 pence Darty per share (the case is dealing directly with the London Stock Exchange). An offer that valued the company at 1.16 billion euros. D e Meanwhile, the supply of the Steinhoff Group – the parent company of Conforama. – Darty valued at 1.09 billion euros
Very concretely, Fnac s’ imposed by becoming the largest shareholder of Darty. On Tuesday, the group of Alexandre Bompard said in a statement formally hold 29.73% stake in Darty, having acquired a very significant number of shares of the brand in the last 24 hours. To which we must add 22.1% from two major shareholders of the brand of household appliances, fund Knight Vinke and DNCA. Thus, Fnac became a shareholder of almost 51.84% of Darty, is virtually owner of the sign.
It’s good, it’s over? Fnac won?
If Conforama is no longer willing to bid, while Fnac officially won this last battle, and thus the war. However, we must remember that the tender offer is open until June 11 Until then, traders can still make a new offer to the market authorities in London, which is listed Darty, as recalled by France Info.
However, it is unlikely that both groups still outbid. Radio and recalls that “Fnac obtained a credit of EUR 950 million from banks that accompany” to its offer. As for Conforama, he already eyeing the mattress Cauval and can hardly afford to hire more resources to Darty.
But what does it mean for we, the customers?
consumers will always be able to shop now to Darty, sometimes at Fnac, two brands with a strong identity. However, they should see progressively reveal “corners” of Fnac products in Darty and vice versa. They will also benefit from a common entertainment ticketing offers two distributors.
According to Europe 1, customers can also expect to “a (slight) decline in prices. The new set-Darty Fnac with more firepower important, it can negotiate better rates with suppliers for televisions and small appliances, such as “ says radio.
However, some stores could disappear. The Competition Authority will need to consider the consequences of this acquisition in terms of implementation. It may request stores sales if too close institutions create a risk of monopoly. The Inter of Darty estimated that about fifteen Parisian stores could be affected by the decision of the Competition Authority, and more than 3,000 employees could lose their jobs.
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