Offbeat The competition authority is looking into the takeover of Conforama by But

11:40  30 june  2020
11:40  30 june  2020 Source:   ouest-france.fr

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A takeover occurs when one company makes a bid to assume control of or acquire another, often by purchasing a majority stake in the target firm. There are many reasons why companies may initiate a takeover . An acquiring company may pursue an opportunistic takeover , where it believes the target

L'autorité de la concurrence se penche sur le rachat de Conforama par But © Bloomberg / Contributor / Getty Images The competition authority is looking into the takeover of Conforama by But The furniture giant, in great difficulty, has already implemented a PSE providing for the closure of 42 stores and 1,900 job cuts.

A new stage has been reached in the case of the possible acquisition of Conforama by the shareholder of But, Mobilux. The competition authority was thus seized to examine, within 25 days, this proposed acquisition. A review which can begin as soon as Mobilux has officially placed the takeover offer on the table. The takeover of the furniture giant by But is the solution favored by the unions who announced last week that the discussions between Mobilux and Conforama France for the acquisition of the latter were well advanced.

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A hostile takeover is when an acquiring company attempts to takeover a target company against the wishes of the target company's management. To deter the unwanted takeover , the target company's management may have preemptive defenses in place, or it may employ reactive defenses to fight back.

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This operation "of European dimension taking into account the turnover of the companies concerned" should in principle be examined by the European Commission. "However, the parties requested [...] his referral to the French Competition Authority, considering that it was better placed to examine it," said the organization in a statement.

Turn the page Steinhoff

"The sale of Conforama France to the Mobilux group appears to be the only lasting solution to allow us to turn the page of the catastrophic balance sheet of the Steinhoff years [the South African shareholder who controls Conforama since 2011, editor's note] has resulted in considerable debt and the loss of 1,900 jobs, "said FO after a meeting of a central social and economic committee (CSEC) at Conforama France.

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"The current Mobilux offer, analyzed by the accounting experts of the CSEC, meets all the needs of Conforama France, since it includes all of the liabilities (including the full financing of the PES - plan to safeguard the employment, editor's note) and assets ", namely the Conforama brand, all establishments and all employees," with the exception of stores and employees affected by the PES ", had detailed the union.

The brand implemented PSE approved on February 27, providing for the closure of 42 stores (Conforama and Maison Dépôt brands), as well as 1,900 job cuts out of 9,000 in France. "The Commission considered that the conditions for referral of the operation to the Competition Authority were met, [the latter] being the best placed to study the operation with regard in particular to the national impact of the operation and his experience in examining merger operations in this sector, "added the press release.

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