Fnac Darty rises on offer to buy Italian peer Unieuro
17/07/2024 08:28
(Updates shares, adds analyst comment in bullets 3-4)
** Shares in Fnac Darty FNAC.PA rise about 5.4% after it
offered to buy Italy's Unieuro UNIR.MI for around $270 mln
** Together with Ruby Equity Investment, Fnac offers 12
euros per share in cash and shares vs Unieuro Tuesday closing
price of 8.24 euros
** Midcap Partners sees the deal's valuation as "reasonable"
** "On paper, this acquisition may seem pertinent, and would
enable the Group to strengthen its position in Italy," the
broker adds
** Fnac aims for over 10 billion euros ($10.9 billion) in
annual sales for the merged company
** Unieuro's board takes note of the offer, and will respond
within a time-frame consistent with applicable regulations
** Unieuro UNIR.MI shares remain halted and are indicated
to jump about 37% when resumed
** Fnac Darty FNAC.PA heads for its best day in about
three months, if gains hold
($1 = 0.9171 euros)
(Reporting by Olivier Sorgho)
((Olivier.Sorgho@thomsonreuters.com))