After the Italian Telecom Italia and Mediaset, the businessman Vincent Bolloré pursuing strategic acquisitions with a stake in Fnac, the emblematic french distributor cultural products. The two groups announced Monday, April 11 that Vivendi would take a minority stake of 15% of Fnac. The announcement comes as part of a “strategic partnership” reports Vivendi said in a statement:
“Vivendi has irrevocably committed to subscribe to a reserved capital increase of $ 159 million at a price of 54 euros per share (the Fnac closing price on April 8). Following the capital increase, Vivendi will own approximately 15% of capital and voting rights Fnac. “
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Accelerate the development of Fnac International
For Fnac, this is a way to get “greater financial flexibility” , says the spokesman of the group. The $ 159 million will fund several projects of the sign of cultural products, including its internationalization. Already present in nine countries, Fnac hopes indeed extend its growth, “particularly in Southern Europe and Africa, where Vivendi is present for more than twenty years’ , the statement of Vivendi.
Vivendi and Fnac also intend to develop together a project “create value over the long term” , which will include “development content cultural “ cooperation ” on the ticket in some countries “and” digital services extended “
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Two directors appointed Vivendi
in detail, the completion of the reserved capital increase “remains primarily subject to approval by shareholders at the next general meeting of Fnac and the issuance by the AMF of its visa on the prospectus for admission “.
Fnac also ” committed “ to propose the appointment of two directors representing Vivendi in its board of directors. It is specified that Artemis, the holding company of the Pinault family, “will retain its role as shareholder with 33% of capital and reaffirms its full support to the strategic development of Fnac ‘.
a useful partnership for takeover of Darty?
will the Vivendi white knight Fnac group? If according to the Fnac Group spokesman, the operation was conducted “ independently and without correlation with Darty operation” the contribution of this new money and the support of Vincent Bolloré are timely.
Since the fall, the group is struggling to complete a takeover of Darty. In November, he had obtained the agreement of Darty board for redemption during an operation combining share exchange and cash payments. But on March 18, the directors of Darty had turned around and rallied against the bid-South African group Steinhoff, parent company of Conforama.
Made entirely in cash, at a price 125 pence per share, the transaction was preferred shareholders of the Darty group, listed on the London Stock Exchange. It values the appliance specialist in the amount of 865 million euros, some small million more than proposed Fnac (about 859 million).
For several weeks, Alexandre Bompard, Chairman of Fnac group, said, exploring all options to take the Darty group. This included improving the proposal by increasing the liquid part. Also Monday, April 11, by statement, Fnac Group, once again called on shareholders to Darty “patience” . But there is now an emergency. Darty’s shareholders have until May 2 to tender their shares to the South African, said the same Monday the Steinhoff group
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