Richemont to Merge Net-A-Porter With Yoox in All-Share Deal
2015-03-31 05:43:49.692 GMT
By Grant Clark
(Bloomberg) -- Deal conditional on approval of Yoox
shareholders; meeting expected in June: Richemont.
* Richemont says Yoox CEO Federico Marchetti will be CEO
* Upon completion co. expected to seek to raise up to EU200m
to fund growth opportunities
* Co. to be renamed Yoox Net-A-Porter Group
* Richemont to receive 50% of share capital
* Richemont’s voting rights will be limited to 25%
* Richemont sees EU317m non-cash one-off accounting gain in
FY16
* Richemont sees deal ex-gain to be ‘broadly’ earnings neutral
* Statement here
* Earlier: Yoox Revives Talks With Richemont on Net-a-Porter
For Related News and Information:
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First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Grant Clark in Singapore at +65-6212-1101 or
gclark@bloomberg.net
Grant Clark
2015-03-31 05:43:49.692 GMT
By Grant Clark
(Bloomberg) -- Deal conditional on approval of Yoox
shareholders; meeting expected in June: Richemont.
* Richemont says Yoox CEO Federico Marchetti will be CEO
* Upon completion co. expected to seek to raise up to EU200m
to fund growth opportunities
* Co. to be renamed Yoox Net-A-Porter Group
* Richemont to receive 50% of share capital
* Richemont’s voting rights will be limited to 25%
* Richemont sees EU317m non-cash one-off accounting gain in
FY16
* Richemont sees deal ex-gain to be ‘broadly’ earnings neutral
* Statement here
* Earlier: Yoox Revives Talks With Richemont on Net-a-Porter
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Grant Clark in Singapore at +65-6212-1101 or
gclark@bloomberg.net
Grant Clark