Continued listing of CFAO shares on Euronext Paris
PR Newswire/Les Echos/
CONTINUED LISTING OF CFAO SHARES ON EURONEXT PARIS
Sèvres, France and Nagoya, Japan, February 26, 2013
At the closing of the tender offer on the CFAO shares on December 17, 2012, Toyota Tsusho Corporation (TTC) held 60,177,409 shares representing 97.81% of the share capital and voting rights of CFAO and thus met the conditions required for the implementation of a squeeze-out.
TTC announces today that it does not intend to implement a mandatory squeeze-out procedure on the CFAO shares not tendered by minority shareholders following the tender offer closed on December 17, 2012.
The CFAO shares will thus continue to be listed on Euronext Paris.
"Since our public tender offer for CFAO shares closed, we at Toyota Tsusho have studied whether to maintain the CFAO's French listing carefully for two months. As a result, we have reached a decision to waive our right of mandatory squeeze-out procedure", declared Jun Karube, President of Toyota Tsusho Corporation. "CFAO is a distinguished French company that has a proud history of 125 years. Through continuing to be listed on public, we look forward to ensuring the company's management credibility and transparency. And we are sure that our determination will maintain CFAO's autonomy and entrepreneurship spirit and support sustainable growth for CFAO."
Alain Viry, Chairman of the Management Board, commented: "I applaud TTC's decision to maintain the Group's listing on the Paris stock market, in line with the intentions announced at the time of the tender offer. This decision allows those shareholders who have stood by us to continue to accompany CFAO's growth. It also provides clarity in terms of corporate governance, thereby guaranteeing for our partners autonomous management at the operational level, as well as the continuation of the multi-brand strategy in our markets."
CFAO is the foremost specialized retail brand in its main business areas - vehicle and pharmaceuticals distribution - in Africa and the French overseas territories. It is a leading player in these regions in the import and distribution of vehicles and pharmaceutical products, and related logistical services, and certain manufacturing operations and technological services. CFAO is present in 34 countries, 31 of which are in Africa and seven in the French overseas territories, and had a headcount of 11,400 at end-2012. In 2012, CFAO generated consolidated revenue of EUR3,585 million and recorded recurring operating income of EUR290.3 million. CFAO is now a 97.81 %-owned subsidiary of TTC (Japan).
CFAO is listed on NYSE Euronext in Paris. Find CFAO on Bloomberg: CFAO:FP and Reuters: CFAO.PA
To find out more, go to www.cfaogroup.com
About Toyota Tsusho Corporation
Toyota Tsusho is a general trading company that develops business together with over 500 consolidated Group companies in Japan and overseas around the world, via a global network covering Japan and more than 60 other countries worldwide.
Toyota Tsusho has a divisional system made up of seven divisions, namely the Metals Division, the Global Production Parts & Logistics Division, the Automotive Division, the Machinery, Energy & Project Division, the Chemicals & Electronics Division, the Produce & Foodstuffs Division, and the Consumer Products, Services & Materials Division.
With this system, the company provides products and services in a broad range of business domains that are essential to realize the creation of a prosperous and fulfilling society.
TTC reported consolidated net sales of 5,916 billion yen for the fiscal year ended March 31, 2012.
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Investor and Analyst Relations
Sébastien Desarbres Vice President Financial Communications and Investor Relations +33 1 46 23 56 51
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