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Chargeurs

CR
Bloomberg   CRI FP
Support Services  /  France  Web Site   |   Investors Relation
From an industrialist to a luxury player?
Target
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

Fact

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.


Analysis

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.


Impact

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.


Updates

20 Jul 16 Other news/comments
Chargeurs goes for acquired growth, at last

15 Mar 16 Earnings/sales releases
Strong 2015 earnings and refreshing growth tone

28 Jan 16 Earnings/sales releases
Confirmed robust 2015 sales

12 Nov 15 Earnings/sales releases
Q3 sales growth where it matters: protective films

08 Oct 15 ESG related
Change of control

08 Sep 15 ESG related
Voting rights reaffirmed

02 Sep 15 Earnings/sales releases
An unexpected growth message wrapped in a s...

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