Daniel Kretinsky is not entering unfamiliar territory. With 28.5% of the capital, he was already the main shareholder of Fnac Darty. The public purchase offer made official at the start of the week aims to cross a new decisive threshold: to exceed 50% and become a majority. The proposed Price — €36 per share — was considered sufficiently attractive to gain the support of the board of directors, who welcomed it “ unanimously favorably ».
Daniel Kretinsky locks out Fnac Darty
Concretely, this offer values Fnac Darty at just over a billion euros. For the Czech investor, the financial effort remains measured on the scale of his empire: around 230 million euros to reach the age of majority. No major upheaval is expected for minority shareholders or for the group’s stock market life: the offer is not accompanied by a delisting. The EP Group holding company, controlled by Daniel Kretinsky, clarified that it had “not no intention of implementing a bond withdrawal procedure ».
The calendar is also marked. Submission of the project to the Financial Markets Authority is expected by the end of this first quarter. Until then, the group continues to roll out its roadmap. “ We welcome this project from our largest shareholder, which demonstrates renewed support for our Beyond Everyday plan and our longer-term strategy “, said general manager Enrique Martinez.
If everything seems to be going well for the operation on paper, it does not come down to a simple increase in capital. By becoming a majority shareholder, Daniel Kretinsky locks in the governance of Fnac Darty in a context that has become politically sensitive. In the background, the progress of the Chinese giant JD.com, which is in the process of buying the German distributor Ceconomy. However, the latter holds more than 20% of the capital of Fnac Darty, which would place JD.com, indirectly, in the position of second shareholder.
This perspective has not escaped the attention of the Ministry of the Economy and Finance. Last fall, Bercy had put in place safeguards: no interference in management and no increase in the participation of JD.com or Ceconomy. Commitments accepted at the end of November. “ The State will closely monitor this matter “, recalled the ministry. The arrival of Daniel Kretinsky above 50% therefore brings a form of stability, while maintaining the balance desired by the public authorities.
With more than 1,500 stores, a presence in 14 countries and more than 10 billion euros in turnover, Fnac Darty remains a heavyweight in the distribution of cultural and electronic products.
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