French media giant Vivendi has entered into a hedging transaction with Société Générale to protect the value of its 11% stake in home electronics and cultural goods retailer Fnac Darty that led to the latter’s shares falling sharply.
Vivendi hedging operation means that it will sell its shares in Fnac Darty on a provisional bases, reserving the right to reacquire them or cash in by the second half of next year at the latest.
Société Générale has begun the private placement of 2.94 million Fnac Darty shares with institutional investors.
Fnac Darty last year announced a new strategic plan, Confiance+, to secure growth in its core markets and an operating margin of between 4.5% and 5% in the medium term.
In addition to realizing €130 million in synergies this year, the group set the objective of becoming an ‘omnichannel’ platform for services in Europe. Among the many initiatives outlined by CEO Enrique Martinez was the launch of a smart home service linked to connected devices provided by Darty and the enrichment of existing subscription offerings Fnac+ and Darty+.
ICYMI: European Commission takes issue with planned French SVOD rules digitaltveurope.com/2021/04/15/eur… https://t.co/v7ZXLiCufN
15 April 2021 @ 20:00:01 UTC
ICYMI: Liberty Global trialling Distributed Access Architecture with Teleste digitaltveurope.com/2021/04/15/lib…
15 April 2021 @ 18:28:00 UTC
SPI/FilmBox expands into Nordic market with Waoo deal digitaltveurope.com/2021/04/15/spi… https://t.co/WZBzkO5lPy
15 April 2021 @ 17:00:00 UTC