Unieuro officially joins Fnac Darty portfolio
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Unieuro, a historic Italian electronics and appliances company, officially became part of Fnac Darty’s portfolio last Friday, marking a significant acquisition for the major retail chain specializing in electronics, music, and books.
Fnac Darty’s tender offer, which includes participation from Czech billionaire Daniel Kretinsky’s Ruby Equity Investment, has successfully garnered the necessary support. On the final day for participation, they received over 6.3 million shares, representing about 30% of Unieuro’s capital, surpassing the minimum threshold of 66.67%. Enrique Martinez, CEO of Fnac Darty, explained to Milano Finanza the project's objective, which has evidently resonated with shareholders: to “create a European champion.” The next steps involve reopening the tender offer from November 4 to 8, providing a final opportunity for those who have not yet participated to submit their shares. Additionally, the aim is to achieve delisting, a move that could intensify concerns among critics who view this operation—as it nears completion and despite the group's lackluster performance—as another instance of an Italian company being absorbed by foreign interests, potentially representing a lost opportunity for international investors and local savers to support the Italian financial system and economy.
Unieuro officially joins Fnac Darty portfolio
With the completion of the tender offer, Fnac Darty has increased its stake in Unieuro from a minority holding of 4.4% to a substantial 71.5%. This acquisition process began in September and faced some resistance from parts of Unieuro's board of directors. While the board ultimately approved the voluntary tender offer from Fnac Darty and Ruby Equity Investment, there was a split regarding the adequacy of the offered price. However, this obstacle has now been overcome.What Lies Ahead for Unieuro's Management?
Fnac Darty’s tender offer, which includes participation from Czech billionaire Daniel Kretinsky’s Ruby Equity Investment, has successfully garnered the necessary support. On the final day for participation, they received over 6.3 million shares, representing about 30% of Unieuro’s capital, surpassing the minimum threshold of 66.67%. Enrique Martinez, CEO of Fnac Darty, explained to Milano Finanza the project's objective, which has evidently resonated with shareholders: to “create a European champion.” The next steps involve reopening the tender offer from November 4 to 8, providing a final opportunity for those who have not yet participated to submit their shares. Additionally, the aim is to achieve delisting, a move that could intensify concerns among critics who view this operation—as it nears completion and despite the group's lackluster performance—as another instance of an Italian company being absorbed by foreign interests, potentially representing a lost opportunity for international investors and local savers to support the Italian financial system and economy.