Fnac's takeover of Darty could create €85m of synergies a year
Fnac, the France-based music and book retailer, said its proposed acquisition of London-listed Darty could create approximately €85m (£61.1m) per year of synergies before tax.
Darty
171.25p
16:35 15/08/16
FTSE All-Share
4,411.85
15:45 15/11/24
FTSE Small Cap
6,802.32
15:45 15/11/24
General Retailers
4,597.92
15:44 15/11/24
The French company said its bid had already been given the green light by two key Darty’s shareholders, Knight Vinke Asset Management and DNCA Finance SA, which held a combined 23.63% stake in the electrical goods retailer.
Last month, Fnac submitted a £533m takeover bid for Darty, as it aims to create a French market leader in white goods.
In a statement released on Monday, the France-based group said it expected the deal to be completed by September 2016, with approximately 10% of the synergies to be realised in 2016, rising to 60% in 2017, 95% in 2018 and 100% thereafter.