BIC : BIC : Acquisition of Cello Pen 7th entity BIC Group - Press Release Clichy - xxx BIC Group - Press Release Clichy - 6 May 2013 Implementation by mutual agreement between BIC and Cello of the February 16, 2012 arbitral award in favor of BIC Group On May 3, 2013, BIC Group and Cello Group have jointly filed an agreement with the Bombay High Court to allow BIC Group to acquire the remaining 40% of the last (7^th) stationery entity of Cello Group. The Court after reviewing the filling has rendered the agreement enforceable. The agreement provides for closing before the end of 2013 based on the original term and conditions. BIC Group has a call option to increase its ownership in Cello Pens from 40% to 55% by October 2013. Cello Pens is India's largest manufacturer and distributor of writing instruments. With its broad portfolio of products and countrywide distribution network, the Cello brand is one of the most recognized in India. Historical background: *On January 21, 2009, BIC signed a definitive agreement with Indian Cello Group whereby BIC Group was to acquire 40% of the Cello writing instrument business which was being carried out by 7 entities for 7.9 billion Indian rupees. As part of the agreement, BIC benefits from a call option in 2013 to increase its stake to 55% at a price based on a formula tied to earnings. *On March 5, 2009 BIC's acquisition of 40% of 6 entities (out of 7) was completed for a sum of 3.8 billion Indian rupees. This proportionate share of Cello Pens net income has been accounted through the equity method in BIC Group accounts since April 1, 2009. *On January 4, 2010, Cello management proposed to the BIC Group to unwind and terminate the definitive agreements signed on January 21, 2009 "on terms and conditions to be mutually agreed between the parties." BIC Group then confirmed its intention to ensure the implementation of the agreements. *On August 4, 2010, BIC Group announced that it had initiated arbitration proceedings in order to obtain the full completion of the agreements, meaning the acquisition of 40% of the 7th and last entity. *On February 16, 2012 BIC Group received a favourable award from the Tribunal constituted under the Rules of the Singapore International Arbitration Center in respect of acquisition of 40% shares in the 7th and last entity. *On May 21, 2012 the BIC Group filed a petition before the Bombay High Court seeking the enforcement of the arbitral award. * * * Disclaimer: This document contains forward-looking statements. Although BIC believes its expectations are based on reasonable assumptions, these statements are subject to numerous risks and uncertainties. A description of the risks borne by BIC appears in the section, "Risk factors" in BIC's 2011 Registration Document filed with the French financial markets authority (AMF) on March 27, 2013. Contacts Investor Relations: +33 1 45 19 52 26 Press: +33 1 53 70 74 48 Sophie Palliez-Capian Priscille Reneaume email@example.com firstname.lastname@example.org Isabelle de Segonzac email@example.com Claire Doligez firstname.lastname@example.org For more information, please consult the corporate web site: www.bicworld.com 2013 Agenda (all dates to be confirmed) 2012 AGM May, 15 2013 BIC Headquarters, Clichy 2^nd Quarter and 1^st Half 2013 August 1, 2013 Conference call results 3^rd Quarter 2013 results October 23, 2013 Conference call About BIC BIC is a world leader in stationery, lighters, shavers and promotional products. For more than 60 years, BIC has honored the tradition of providing high-quality, affordable products to consumers everywhere. Through this unwavering dedication, BIC has become one of the most recognized brands in the world. BIC products are sold in more than 160 countries around the world. In 2012, BIC recorded net sales of 1,898.7 million euros. The Company is listed on "Euronext Paris" and is part of the SBF120 and CAC Mid 60 indexes. BIC is also part of the following SRI indexes: FTSE4Good Europe, ASPI Eurozone, Ethibel Excellence Europe, Gaia Index and Stoxx Global ESG Index. BIC: Acquisition of Cello Pen 7th entity ------------------------------------------------------------------------------ This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: BIC via Thomson Reuters ONE HUG#1699379
BIC : BIC : Acquisition of Cello Pen 7th entity
Press spacebar to pause and continue. Press esc to stop.