17th Mar 2016 17:31
LONDON (Alliance News) - French electronics retailer Group Fnac on Thursday said its deal to acquire UK-based peer Darty PLC has been cleared by the Belgian Competition Authority.
Group Fnac agreed a cash and shares takeover offer for Darty in December valuing the company at GBP615.0 million, but the deal was disrupted earlier in March by a rival offer.
South Africa's Steinhoff International Holdings NV, through its Conforama Investissement SNC French household goods retail business, made a competing offer for Darty. The Conforama bid values Darty at 125.0 pence per share and is in cash. Groupe Fnac's offer values Darty at 116.0p per share.
Steinhoff has also entered into the race to acquire Argos-owner Home Retail Group PLC, putting in a rival bid to the offer already tabled by grocer J Sainsbury PLC.
Groupe Fnac did not mention the rival offer on Thursday, but said the Belgian Competition Authority has approved the Darty deal with no remedies, saying it would not affect competition in the Belgian market.
The other pre-condition for the deal relates to secure French competition approval, Groupe Fnac said.
Darty shares closed at 130.75p on Thursday, down 0.2%.
By Sam Unsted; [email protected]; @SamUAtAlliance
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