|
A.S. Watson Acquired 90.69%
of Marionnaud
Intends to Re-open Offer for Remaining Shares
Hong
Kong (8 April 2005)
The
offer of A.S. Watson (France) SNC (A.S.
Watson), a wholly-owned subsidiary of
multinational conglomerate Hutchison Whampoa
Limited (HKEx : 0013; LSE: HWH), aimed at
buying the shares and existing or potential
convertible bonds (OCEANE) of Marionnaud
Parfumeries SA (MAR : FP), closed on March
21, 2005. As indicated by the French financial
market regulator (AMF) on April 4, 2005,
A.S. Watson has successfully acquired 90.69%
of the capital and the voting rights of
the company on a non-diluted basis and 78.76%
of the capital and the voting rights on
a fully diluted basis.
A.S.
Watson has decided that the offer will re-open
on the same conditions, namely 21,80 euros
per share and 69,74 euros per OCEANE, for
a period of fifteen working days, from April
11 to April 29, 2005. This was confirmed
by the Board of Directors at Marionnaud's
Board Meeting yesterday.
In
the meeting, the management of Marionnaud
presented to the board an analysis of the
group's cash position. At the end of this
presentation, the Board unanimously agreed
on the need to carry out a capital increase
that would not exceed 800 million euros.
The exact amount of this capital increase
will be determined after the settlement
of the accounts as of December 31, 2004.
A.S.
Watson has informed the AMF that once it
acquires 95% of the voting rights of Marionnaud,
it will make a compulsory purchase of the
remaining 5% and delist the company.
In
accordance with the agreements of January
14, 2005, Ian F. Wade, Group Managing Director
of A.S. Watson, has been appointed as director
of Marionnaud.
Marcel
Frydman, President and CEO of Marionnaud,
also indicated his intention to present
to the Board, on April 25, 2005, Marionnaud's
accounts for 2004.
On
14 January this year, A.S. Watson announced
a cash offer of approximately 534 million
euros for Marionnaud shares and OCEANE.
A.S. Watson's strategic goal for the acquisition
is to leverage on the success of Marionnaud
and continue expanding the Marionnaud brand
in France and internationally. The arrival
of A.S. Watson is expected to take Marionnaud
to new heights by improving its financial
performance, combining both companies' international
network, and creating synergies in both
sourcing and logistics. A.S. Watson also
believes that the acquisition will provide
enhanced opportunities for employees by
unlocking significant unrealized potential
in the business.
About A.S. Watson Group
A.S. Watson Group is one of the longest
established and best-known trading names
originating in Asia with a history dating
back to 1828. Today, it is a wholly-owned
subsidiary of Hong Kong-based multinational
conglomerate Hutchison Whampoa Limited,
and has operations in 31 markets across
Asia and Europe.
In
Asia, A.S. Watson owns seven retail brands
spanning from health and beauty to food,
electronics, fine wine and airport duty
free. Operated under the name Watsons
Your Personal Store, A.S. Watson is
the largest health and beauty retailer in
Asia with over 980 stores in 10 markets.
In
Europe, A.S. Watson enjoys similar position
and is the largest health and beauty, and
perfumeries retailer. Its current retail
network comprises of eight retail brands,
including the recently acquired Marionnaud
chain, over 4,800 stores in 17 countries.
A.S.
Watson has 87,000 employees worldwide and
in 2004, its reported turnover was HKD74.4
billion (approx. USD9.5 billion).
About Marionnaud
In 1984, Marcel Frydman opened the first
Marionnaud store and ever since the group
has registered an exceptional growth. Indeed,
between 1986 and 1992, the company bought
a large number of local perfume retailers
and independent outlets.
Owning
48 outlets in 1996, the company acquired
"Bernard Marionnaud," which at
the time was having difficulties. During
1997, the company registered a spectacular
recovery. After this success, Marionnaud
announced an IPO for the secondary market
in order to raise enough funds for its development.
As a result, the group acquired more than
1,100 outlets over the period of five years.
In
2002, the group continued its European growth,
particularly in Italy, Spain and Portugal
and became the French leading perfume retailer,
second in Europe with 1,226 outlets, of
which 565 in France (5,400 employees) and
661 abroad (3,500 employees).
Since
1991, Marionnaud entered the primary market
and since the Stock Exchange reform, it
has been listed in the C listing of Eurolist.
In
2003, the turnover of the company amounted
to 1.1 billion euros. At the end of the
first-half of 2004, it reached 515 million
euros. 35% of this turnover was made abroad.
For
media enquiries, please contact:
Ms Anna LO
A.S. Watson Group
Tel: +852 3521 6226
Fax: +852 2608 8409
Email: AnnaL@asw.com.hk
Website: www.aswatson.com
|
