Key Developments: Kering (PPRUF.PK)
212.59USD
17 Jun 2013
$-0.42 (-0.20%)
$213.01
$212.59
$212.59
$212.59
200
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$232.48
$132.50
Latest Key Developments (Source: Significant Developments)
Kering Announces Share Repurchase Program
Kering announced details of the share repurchase program which was submitted for the approval of its Combined general Meeting on June 18, 2013. The maximum percentage of the share capital and maximum number of shares of Kering that may be purchased: 10% of the share capital (i.e., 12,618,267 shares as of June 17, 2013). Considering that the Company holds 740,432 of its own shares, the maximum number of shares which may be purchased amounts to 11,877,835 shares, representing 9.4 % of the share capital. The maximum purchase price is EUR 220 per share. Based on a EUR 220 maximum purchase price, the amount to be invested for share buy-backs is set by the Ordinary General Meeting at EUR 2,775,951,420. The program will run until December 17, 2014. Full Article
PPR SA in talks to buy Richard Mille-Reuters
Reuters reported that PPR SA is in talks to buy control of Richard Mille, one of the expensive watch brands on the market, an industry source with first-hand knowledge of the matter told Reuters. The deal could value Richard Mille at 340-400 million Swiss francs, or 2.5-3 times its expected 2013 revenues of 135 million Swiss francs ($146.60 million), said the source, who requested anonymity. PPR would at first acquire 51% of Richard Mille with the possibility of raising its stake further, while Richard Mille would be locked in the business as chief executive and shareholder for a number of years, the source added. The transaction is unlikely to close before early 2014 at the request of Mille who needs to settle private affairs before going ahead with a sale, the source said. Richard Mille and PPR, which is expected to change its name to Kering at its annual general meeting on June 18, 2013, declined to comment. Full Article
Kering (PPR SA) Announces Closing of the Sale of Ellos and Jotex
Kering (PPR SA) announced that Redcats has closed the sale of its Nordic brands, Ellos and Jotex, to Nordic Capital Fund VII. The purchase price was paid in accordance with the terms of the definitive sale agreement previously announced on February 25, 2013. Full Article
PPR SA (Kering) Acquires Italian Jewellery Group Pomellato
PPR SA (Kering) announced the signing of an agreement with RA.MO S.p.A to acquire a majority stake in the Pomellato group, an Italian jewellery company which includes two brands: Pomellato and Dodo, the first positioned within the fine jewellery segment and the latter within the accessible jewellery segment. Financial terms of the agreement were not disclosed. Full Article
PPR SA (Kering)'s Gucci Acquires Porcelain Maker Richard Ginori-Reuters
Reuters reported that Gucci, owned by PPR SA (Kering), is buying distressed Tuscan porcelain maker Richard Ginori 1735 as part of expansion plans into luxury tableware. Gucci, whose offer of EUR 13 million at the end of March was the only bid for the company, said the acquisition will be closed on May 22, 2013. Full Article
Kering to List Fnac SA Through Dividend Distribution to Its shareholders
Kering announced that, in line with the principle announced on October 9, 2012, the Company's Board of Directors approved the listing of Fnac SA shares through a distribution to the Company's shareholders. Fnac SA is a seller of mass-market entertainment and leisure products (including consumer electronics) in France and other markets (Spain, Portugal, Brazil, Belgium, and Switzerland). At the Annual Ordinary and Extraordinary Shareholders' General Meetings on June 18, 2013, Kering will propose to distribute to its shareholders, as a payment in full of dividends in respect of 2012 (an interim dividend of EUR 1.50 having been paid on January 24, 2013) a supplementary cash dividend of EUR 2.25 and a dividend in the form of Fnac SA shares in the ratio of one Fnac SA share for every eight Kering shares held. Within this framework, Kering will distribute to its shareholders a maximum of 15,764,588 of Fnac SA's shares, representing approximately 95% of Fnac SA's share capital as of the dividend ex-date. The distribution of Fnac SA shares will be treated as a dividend distribution to Kering shareholders. Full Article
Kering Announces Closing of the sale of Vertbaudet and Cyrillus by Redcats
Kering announced that Redcats has closed the sale of its Children and Family division, consisting of the Vertbaudet and Cyrillus brands, to Alpha Private Equity Fund 6 (APEF 6), for an enterprise value of EUR 119 million. Full Article
Kering Announces Acquisition of France Croco
Kering announced the acquisition of a majority stake in France Croco, an independent tannery located in Normandy, which specializes in the sourcing, tanning and processing of crocodilian skins. Financial terms of the transaction were not disclosed. Full Article
PPR SA to Change Name to KERING
PPR SA announced that following a complete transformation, the Company is changing its name to KERING to reflect its new identity. The Company's change of name will be subject to the approval of the Annual General Meeting to be held on 18 June 2013. Full Article
PPR SA's Redcats Enters into Agreement with Nordic Capital Fund VII for the Sale of Ellos and Jotex
PPR SA announced that its subsidiary Redcats has entered into an agreement to sell its Nordic brands Ellos and Jotex to Nordic Capital Fund VII for an enterprise value of EUR275 million. The transaction should be finalised in the coming months, after informing the employee representative bodies. Rothschild acted as financial adviser and Vinge acted as legal advisor to PPR SA in the transaction. Full Article
Deals of the day -- mergers and acquisitions
(Updates Kabel Deutschland; Adds Siemens, PPR, Dell, Astellas Pharma, Nokia, Lekoil, Nordea, Chevron)
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