Fnac Falls in Paris Trading Debut After Spinoff From Kering
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Groupe Fnac, the French DVD, books and video-games chain, fell on its first day of trading in Paris after being spun off from Gucci-owner Kering SA.
The shares, priced at 22 euros apiece, retreated to 19 euros today, giving the retailer a market value of 315.3 million euros ($416 million). Kering was seeking a valuation of about 400 million euros for Fnac, people familiar with the situation have said.