French retail giant Carrefour has announced a simplified public offer for all the outstanding shares in Hyparlo it doesn’t already own. The offer for Carrefour’s largest franchisee is priced at €39.22 per share.
In January 2005, Carrefour took a 50% stake in Hofidis ll, which owns 57.7% of Hyparlo, in addition to its existing 20% direct holding in the company, which remained unchanged.
However, on the 13th September 2005, the Court of Appeal in Paris decided that a full offer should be made for the entire share capital of Hyparlo in conjunction with the Arlaud family.
Before the offer, on the 20th December 2005, Carrefour acquired, at an agreed price of €39.22 for each Hyparlo share, the participation in Hofidis ll of the Arlaud family, which has decided it will not participate in the public offer.
This transaction is subject to approval from the competition authorities.
These two transactions represent a maximum investment for Carrefour of €320m if all Hyparlo shares are tendered to the offer.
“While strengthening its leadership position in France with the integration of 12 hypermarkets principally in the Rhône-Alpes region, Carrefour acquires control of a new engine for growth, offering attractive prospects for development, with the integration of five hypermarkets in Romania,” Carrefour said in a statement.
Hyparlo Group’s sales including VAT were € 1.3bn in 2004.