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Czech billionaire Daniel Křetínský has launched a takeover offer for electronics and appliances chain Fnac Darty in his latest foray into European retail.
Křetínský, who made his fortune in energy before expanding into retail, logistics and media, already owned a 28.5 per cent stake in Fnac.
His EP Group has offered a 19 per cent premium in cash on Friday’s closing share price to take his stake above 50 per cent. The offer values the company at €1.1bn.
Shares surged as much as 18 per cent in Paris on Monday, valuing Fnac at €1.05bn. The stock has fallen by almost a quarter over the past five years.
“We welcome this project from our largest shareholder, which demonstrates renewed support for our . . . longer-term strategy,” said Fnac Darty chief executive Enrique Martinez in a statement.
Křetínský said in a statement he was committed to supporting management with his “friendly offer” while “providing an attractive liquidity opportunity to shareholders who wish to do so”.
The offer will be submitted to France’s market regulator for approval before the end of March.
The Czech tycoon has been an active investor in France and other European countries. In November he acquired a stake in TotalEnergies after brokering an energy deal with the company, and controls the UK’s Royal Mail as well as holding stakes in Sainsbury’s and West Ham United football club.
In France Křetínský owns struggling food retailer Casino as well as a number of media ventures.
