Japan's TTC says CFAO to keep Paris listing-paper
PARIS Oct 18 (Reuters) - Toyota Tsusho Corp (TTC), the Japanese conglomerate which has launched a tender offer for African trading company CFAO, told Les Echos it wished to own no more than 60 percent of the company's equity and preserve its Paris listing.
"We want to own at least 51 percent (of CFAO) and a controlling stake of 60 percent would be a balanced level," TTC Chief Executive Jun Karube told Les Echos in an interview published on Thursday.
"We want CFAO to remain a French company, listed in Paris."
Karube said the company had a specific entrepreneurial culture which the Japanese company wished to preserve. It would also maintain the existing management team in which "we have full faith".
CFAO distributes vehicles and medicines in Africa and French overseas territories.
In July, Toyota Tsusho Corp acquired a 29.8 percent stake in CFAO held by luxury and retail group PPR and later launched a tender offer for the company, which would include PPR's remaining 12.2 percent stake.
The offer price would be the same as TTC paid PPR in July, or 37.50 euros, which CFAO's board described as "a fair price" after a meeting earlier this month.
Toyota Tsusho has been expanding its automotive distribution business as well as other businesses such as energy, healthcare products, chemicals, machinery and consumer products. (Reporting by Astrid Wendlandt; Editing by Hans-Juergen Peters)
- Target holiday cyber breach hits 40 million payment cards
- UPDATE 3-Saab wins Brazil jet deal after NSA spying sours Boeing bid
- Zuckerberg to sell Facebook shares worth about $2.3 billion
- Special Report: Why Ukraine spurned the EU and embraced Russia
- Facebook, Zuckerberg, banks must face IPO lawsuit: judge