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Marionnaud sale

This article was originally published in The Rose Sheet

Executive Summary

Hutchison Whampoa Limited retail and manufacturing division A.S. Watson plans to acquire French perfumery chain Marionnaud, creating the world's largest retail company in the sector, with 5,662 health and beauty stores, the Hong Kong-based firm says. A.S. Watson plans a €534 mil. cash offer for Marionnaud shares. Chain operates 1,226 stores in France and 14 other countries, including Spain, Italy and Austria, countries where Watson does not yet have a presence. Watson will "aim to revitalize Marionnaud by leveraging its brands and its retail network and by integrating Marionnaud into its international portfolio," the company says. Marionnaud founder and CEO Marcel Frydman, Managing Director Gerald Frydman, and Lydie Frydman have agreed to tender their shares, representing 21.8% of the share capital. The management team will remain in their current posts, Watson adds...

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