Clarins’ buyback succeeds
This article was originally published in The Rose Sheet
Executive Summary
Financiére FC, a holding company owned by the Courtin-Clarins family, has bought back enough shares to delist Groupe Clarins from the Paris Bourse, French market regulator Autorité des Marchés Financiers (AMF) says in Sept. 24 release. At close of the buyback offer Sept. 16, Financiére FC reportedly owned 96.44% of Clarins' capital and 97.2% of voting rights, clearing 95% threshold required by AMF. Consistent with price set when buyback plan was announced earlier this year, company will purchase remaining 2.21% of Clarins capital for €55.50 per share. Clarins brothers said roughly $1.17 billion would be invested in taking company private, a move that will grant it the stability needed to execute its strategic vision (1"The Rose Sheet" Aug. 11, 2008, p. 5)
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