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Wednesday 23 March, 2016

Groupe FNAC

Statement re potential acquisition of Darty plc

RNS Number : 1087T
Groupe FNAC
23 March 2016
 

 

Ivry-sur-Seine, 23 March 2016

 

 

The French Competition Authority agrees to review the definition of relevant markets in a Phase II investigation

 

The French Competition Authority has decided to further review the potential acquisition of Darty Plc by Fnac by commencing a Phase II investigation. This decision follows the formal notification of the envisaged acquisition to the French Competition Authority by Fnac on 17 February 2016.

 

The opening of a Phase II investigation, which is not indicative of competition concerns resulting from the transaction, is part of the constructive dialogue which has been taking place between the French Competition Authority and Fnac.

 

Fnac believes that it operates on a national market, including both instore and online retailers. Fnac welcomes the fact that the French Competition Authority has accepted, during this Phase II investigation, to review the definition of relevant markets, and to assess the competitive pressure exerted in particular by online retailers.

 

 

ENQUIRIES:

Fnac:

Groupe Fnac S.A.


Nadine Coulm

+33 (0)1 55 21 18 63



Rothschild (Fnac financial adviser)

Majid Ishaq

Cyril de Mont-Marin

Tel: 020 7280 5000 / Tel: +33 1 4074 4074



Ondra LLP (Fnac financial adviser)

Benoit d'Angelin

Robert Hingley

Tel: 020 7082 8750



Crédit Agricole Corporate and Investment Bank (Fnac financial adviser)

Pietro Sibille

Tel: +33 (0)1 4189 8809

 

 

About Groupe Fnac - www.groupe-fnac.com: Groupe FNAC is a leading French retail distributor of entertainment and leisure products (including consumer electronics) and a notable player in several other countries in which it operates (Spain, Portugal, Brazil, Belgium, Switzerland, Morocco, Qatar and Ivory Coast). At year-end 2015, Fnac's multi-format network included a total of 199 stores (124 of which were located in France). The Group's network also includes e-commerce websites, including Fnac.com, the third largest French e-commerce website based on average unique visitors (c. 9 million unique visitors per month). An established multi-channel player, Fnac's consolidated revenues totaled €3.9 billion in 2015 and it had more than 14,000 employees.

 

The International Securities Identification Number for Fnac's ordinary shares is: FR0011476928.

 

 

 

Additional Information

This announcement is not intended to and does not constitute or form part of any offer to sell or subscribe for or any invitation to purchase or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction pursuant to the Fnac-Darty combination or otherwise, nor shall there be any sale, issuance or transfer of securities of Fnac or-Darty pursuant to the Fnac-Darty combination in any jurisdiction in contravention of applicable laws.

 

Overseas jurisdictions

The release, publication or distribution of this announcement in jurisdictions other than the United Kingdom or France may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom or France should inform themselves about, and observe, any applicable requirements. The information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws of jurisdictions outside the United Kingdom or France.

 

Important notices relating to financial advisers

N. M. Rothschild & Sons Limited, which is authorised by the Prudential Regulation Authority and regulated by the FCA and the Prudential Regulation Authority in the UK, is acting exclusively for Fnac and no one else in connection with the Proposed Acquisition and will not be responsible to anyone other than Fnac for providing the protections afforded to its clients or for providing advice in relation to the Proposed Acquisition or any other matters referred to in this Announcement.

Ondra LLP, which is authorised and regulated by the FCA in the UK, is acting exclusively for Fnac and no one else in connection with the Proposed Acquisition and will not be responsible to anyone other than Fnac for providing the protections afforded to its clients or for providing advice in relation to the Proposed Acquisition or any other matters referred to in this Announcement.

Crédit Agricole Corporate and Investment Bank, which is authorised by the ACPR in France and regulated by the AMF, is acting exclusively for Fnac and no one else in connection with the Proposed Acquisition and will not be responsible to anyone other than Fnac for providing the protections afforded to its clients or for providing advice in relation to the Proposed Acquisition or any other matters referred to in this Announcement.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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