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From an industrialist to a luxury player?
Upside 40.1%
Price (€) 10.6
Market Cap (€M) 267
Perf. 1W: -5.19%
Perf. 1M: -11.4%
Perf. 3M: -10.3%
Perf Ytd: -9.25%
10 day relative perf. to stoxx600: -6.20%
20 day relative perf. to stoxx600: -9.76%
ESG related08/10/2015

Change of control


The concert party that held c.28% of the shares has sold to an ad hoc fund. The fund is driven by a Mr Michaël Fribourg who boasts the financial support of a number of French banks. The chief executive, Ms Odillard, will bow out as well by 30 October 2015, on the transaction date.

The transaction will happen at €8, a marginal premium to the undisturbed close price (€7.75).

The change in ownership of the 28% concert holding is not technically a change of control and below the 33.4% that would trigger a compulsory bid.


That the concert party (Mr Malone, the ex CEO and Mr Seydoux a long-term holder) would sell was a reasonable expectation although the calendar was anybody’s guess. The surprise is the management change that appears to be driven by the change in shareholding.

The other surprise is the nature of the buyer with the fund being led by a young manager, coming from the French administration elite.


No impact on EPS in the near term. The structure of the new governance as well as the (possibly new) strategy will be reassessed when the new largest shareholder goes hopefully public.


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