Fortune Fountain Capital (” FFC “) announced today they have signed a promise irrevocable purchase with entities affiliated with Starwood Capital Group and Catterton regarding the acquisition of their holdings of 88.8 % in Baccarat at a price of 222,70 euros per share (the ” Assignment Block “).
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The completion of the Disposal Block will be followed by the filing of a proposed mandatory public offer with the French financial markets Authority, at the same price per share, without the intention to proceed to a delisting of the shares from the rating.
The completion of the Disposal Block is subject to the formalities relating to foreign direct investment (” ODI “) at the ministry of commerce (” MOFCOM “) of the people’s Republic of China and the registration procedure to exchange control with the National Office of Control of foreign Exchange (SAFE) of the people’s Republic of China.
If this transaction materializes, it would allow Baccarat to accelerate its strategic plans in the international and particularly in Asia and the Middle East, while supporting its growth in developed markets. FFC is committed to invest significantly in the core business of Baccarat and to support the company in its next phase of growth and value creation through an expansion into the neighbouring markets of luxury.
Baccarat acknowledges that FFC will continue and will centralize all of the production and employment in the Baccarat, and honor the legacy 250-year-old manufacturer of crystal products top-of-the-range. Ms. Daniela Riccardi, General Manager of Baccarat, will continue to lead the company during this new chapter of the overall growth strategy with the support of FFC.
Baccarat will initiate the procedures for information and consultation with employee representative bodies with respect to this transaction and will have the opportunity to express again, in greater detail, on this operation in a timely manner.
About Baccarat
Baccarat (Paris, Euronext, BCRA) is a French luxury brand internationally recognized as a leader in crystal products high-end and exclusive. Since its creation in 1764, the company, whose Manufacture is based in Baccarat in the Lorraine region, is synonymous with a unique know-how and the symbol of the Art of Living à la Française. For almost 250 years, the brand has inspired renowned creators around the world. Ranging from luminaires, except in the art of the table, decoration items, unique fine jewelry and the bottle to measure, the products of the brand and its tradition of excellence are widely distributed around the world. Since 2005, Baccarat is controlled by Starwood Capital Group, L. L. C., through the Group company of the Louvre until February 20, 2015 and SDL Investments I Llc since that date. Discover the world of Baccarat on www.baccarat.com
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