Fnac tables bid for Darty to form French market leader

Fnac tables bid for Darty to form French market leader

French electronics chain Fnac has tabled a bid for its Franco-British competitor Darty, which also owns the chains Vanden Borre in Belgium and BCC in the Netherlands. If the deal is approved, the new company would become France's largest electronics group.

Turnover doubled

Fnac has offered 535 million pounds (720 million euro) for Darty, 25 % more than its shares were worth when the stock exchange closed on Tuesday. The aim is to complete the deal entirely in shares: Fnac wants to offer one of its shares for each 39 Darty shares.

 

If it managed to acquire Darty, Fnac's store number would triple instantly, adding 400 Darty stores to its current number of 186. Turnover on the other hand would nearly double: Fnac managed a 3.9 billion euro turnover in 2014, while Darty reached 3.5 billion euro.

 

"Fnac believes the combination of Fnac and Darty would be an interesting strategic and financial opportunity for both groups as it would result in a leader in the French electronics and household appliances market", according to Fnac's press release. Officially British, Darty is originally a French company and is also mostly active in that country, with more than 200 stores. It also has stores in Belgium, Italy, the Netherlands, Spain and Turkey.

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