Fnac Rises on French Electronics Retailer's Tie-Up With Vivendiby
Vivendi is paying 54 euros a share, or 159 million euros ($182 million), for the stake, according to a statement Monday. The price is 0.4 percent below Monday’s closing level.
The companies plan to cooperate in distribution, live events and digital services. Fnac sells books, recorded music and consumer electronics, and also operates a ticketing service for concerts, plays and other shows. Vivendi, headed by Chairman Vincent Bollore, is building a media company around French pay-TV station Canal Plus and doing deals to expand in video, music and distribution. Bollore has led a push to buy stakes in Telecom Italia SpA as well as game makers Gameloft SE and Ubisoft Entertainment SA.
Fnac climbed 4.9 percent to 56.85 euros at 9:35 a.m. in Paris. Vivendi lost 0.9 percent to 18.23 euros.
Darty shares rose 2.5 percent to 133.50 pence in London. Fnac’s agreement to buy Darty was topped by Steinhoff International Holdings NV’s 673 million-pound ($960 million) offer. Separately, Fnac said in a statement late Monday it’s considering its options and urged Darty shareholders to take no further action at this time.