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Press Room
TTC announces its decision to launch a full public tender offer on CFAO following its acquisition of a 29.8% stake
2012-08-28
Paris and Nagoya – August 28, 2012 - Following the acquisition announced on July 26 and completed on August 2, 2012 of 29.8% of the share capital of CFAO from PPR, Toyota Tsusho Corporation ("TTC") has completed its due diligence review and has decided, during its board of directors meeting held on August 28, 2012, to launch a voluntary public tender offer on the remaining shares of CFAO.
The price of the tender offer will be €37.50 per share which corresponds to the same price paid to PPR for the acquisition of the aforementioned 29.8% stake. PPR, the former main shareholder of CFAO, has already agreed with TTC to tender its remaining 12.2% stake in CFAO into the voluntary public tender offer (this undertaking will only be revocable if a competitive offer is filed).
The tender offer is expected to be filed with the Autorité des marchés financiers ("AMF", the French securities regulator) by September 15, 2012. The implementation of the offer will be subject to the approval ("avis de conformité") of the AMF and will only be conditional upon the clearance of the European antitrust authorities.
The Supervisory Board of CFAO will give its reasoned opinion on the offer ("avis motivé") following notably the conclusions of the independent expert report that should be appointed on September 4, 2012. The Supervisory Board has already mentioned that TTC’s acquisition of an interest in CFAO presents interesting prospects for the company, its subsidiaries, its employees and its shareholders and is undertaken in a friendly context.
This acquisition fits into the development strategy of TTC, whose turnover and market capitalization amount to respectively USD 74billion and USD 7.3billion. Indeed, TTC is aiming to achieve a balanced business portfolio among its Mobility, Life & Community and Earth & Resources businesses through its worldwide networks. CFAO’s three activities (Automotive, Pharmaceuticals and Consumer industries) will perfectly fits into TTC business portfolio. TTC will support the growth strategy of these three activities in order to develop CFAO as one of the leading distribution group in Africa and in the French Overseas Territories.
About Toyota Tsusho Corporation
Toyota Tsusho is a general trading company that develops diversified businesses through 500 consolidated companies in Japan and overseas and with customers around the world, via a global network covering Japan and more than 60 countries worldwide. The group operates seven business 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 these various activities, the group provides products and services in a broad range of business domains that are essential to achieving the creation of a prosperous and fulfilling society. Toyota Tsusho is listed in the Tokyo Stock Exchange as well as in the Nagoya Stock Exchange.
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