Tue, 29 Nov 2022 Today's Paper

France’s Baccarat to be acquired by China investment fund

3 June 2017 12:01 am - 0     - {{hitsCtrl.values.hits}}

A A A

AFP: Centuries-old French crystal maker Baccarat said yesterday it is being taken over by a Chinese investment fund in a deal that would allow it to accelerate its international expansion plans.
Baccarat said in a statement that China’s Fortune Fountain Capital had signed a commitment to acquire a stake of 88.8 percent in the company from US investment funds Starwood Capital Group and L Catterton.
Under the agreement, FFC will pay 222.70 euros per share, valuing Baccarat at around 185 million euros (US$207 million).
That is below the closing price of Baccarat shares on Thursday of 259.90 euros and the current market valuation of 215 million euros.
“If this transaction takes place, it would enable Baccarat to accelerate its strategic plans internationally, particularly in Asia and the Middle East, while supporting its growth in developed markets,” Baccarat said.
Once the deal has been finalised, FFC plans to launch a public takeover offer for the remaining shares at the same price, but has no intention of delisting the shares from the Paris stock exchange, Baccarat continued.

Baccarat, founded in 1764, said that FFC had committed to make ‘significant’ investments in its core areas of activity.
The new owners had also pledged to “maintain and centralise all production and employment and will honour the company’s 250-year heritage,” Baccarat said.
Its current chief Daniela Riccardi would remain at the helm.
The luxury maker of tableware, chandeliers and jewellery employs a workforce of around 500 and generated net profit of 2.2 million euros on sales of 148 million euros in 2016.

 


Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

  Comments - 0

Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

POLICE ON TRIAL: Exercising Authority without Accountability

Although armed with the power of the State and empowered to use force against

Downfall and death of LTTE’s Mahathaya

The Liberation Tigers of Tamil Eelam (LTTE) ceased to exist as a functioning

Rishi Sunak; why SL did not have a Tamil or Muslim as President?

Britain now has a British Asian, Hindu Prime Minister, though Rishi Sunak is

How and why MGR launched ADMK 50 years ago

17 October 1972 was a Tuesday. Fifty years ago on that auspicious day, a new