Key Developments: PPR SA (PPRUF.PK)
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22 May 2013
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Latest Key Developments (Source: Significant Developments)
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
PPR SA Announces FY 2012 Dividend And Issues FY2013 Guidance
PPR SA announced that an interim dividend in the amount of EUR 1.50 per share was paid on January 24, 2013 pursuant to a decision by the Board of Directors on December 3, 2012. The remaining EUR 2.25 per share will be paid on June 25, 2013. PPR SA also announced that it is confident that 2013 will be another year of robust revenue growth and enhanced operating and financial performances. Full Article
PPR SA Announces Closing of the Sale of OneStopPlus Group
PPR SA announced that Redcats has closed the sale of the OneStopPlus Group, its plus-size business, to Charlesbank Capital Partners and Webster Capital, two private equity firms. The purchase price was paid in accordance with the terms of the definitive sale agreement previously announced on December 5, 2012. Full Article
Solutions 30 SA Announces Project to Acquire IT Home Support Subsidiary of PPR SA's Fnac
Solutions 30 SA announced its project to acquire Form@Home, an IT home support services provider and a subsidiary of PPR SA's Fnac. Within the framework of the agreement, Solutions 30 SA would provide digital support services (installation, support and training) to Fnac's customers in France. Financial terms of the agreement were not disclosed. Full Article
PPR shares slide as sales miss casts cloud over luxury sector
PARIS - PPR's disappointing first-quarter sales have reinforced fears that the luxury goods sector has run out of steam and reached a turning point.
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