Czech billionaire Daniel Kretinsky has launched a takeover bid for Fnac Darty, the French parent company of the Fnac and Vanden Borre retail chains, the group announced on Monday.
Kretinsky is already the largest shareholder in Fnac Darty, holding a 28.5% stake. He is now seeking to pass the 50% threshold and is offering €36 per share, valuing the company at around €1.1 billion.
There are no plans to delist Fnac Darty, and the board of directors has given its backing to the offer.
Following the announcement, Fnac Darty shares jumped 17% on the Paris Stock Exchange.
Kretinsky has built up a broad portfolio of investments across Europe. He previously acquired a stake in French energy giant TotalEnergies and took control of retail group Casino.
In the UK, his company acquired the parent group of Royal Mail. He is also active in football investment, holding a stake in West Ham United, while in his home country, he has invested in Sparta Prague.
Fnac Darty operates in 14 countries with more than 1,500 stores.
