Steinhoff shops for Darty

03 March 2016 - 02:41 By Reuters

Furniture group Steinhoff's Conforama unit is considering a counterbid for Darty, Europe's No3 electrical goods retailer, competing with retailer Fnac's agreed offer for the company. Conforama said yesterday it had approached Darty about a £662-million (about R14.5-billion) cash bid.Darty, which has agreed a takeover by French books and music retailer Fnac, said it was considering the approach."There can be no certainty that any firm offer will be made by Conforama," Darty said.A move by Conforama for Darty would step up the South African group's expansion plans in Europe after parent company Steinhoff joined the battle to buy Britain's Home Retail this month.Fnac has already raised its offer for Darty once, aiming to create France's top white goods retailer.Darty shares jumped 9.5% on the news to 126p per share in London, just above the proposed new offer price. Fnac stock fell 5.6% to à57.5."This offer is 9% higher than the Fnac offer, is all in cash and a better valuation for Darty shareholders," Liberum analysts said.Darty earns 70% of its revenue in France but has 400 stores across Europe.Conforama, like Darty and Fnac, has a strong presence in French high streets and retail parks. ..

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