Richemont: launches takeover bid on Yoox Net-A-Porter

(CercleFinance.com) - The Richemont stock is down 0.
4% in early trading in Zurich today, after announcing launching a friendly takeover bid on Yoox Net-a-Porter, an online and luxury goods distribution company listed in Milan.

The Swiss luxury group - which owns Cartier watches - has offered 38 euros per Yoox share, meaning a premium of around 24% compared to the share's closing price on Friday evening, which values the target company at around 2.7 billion euros.

Johann Rupert, Richemont's chairman said, “As part of our Group, Yoox Net-a-Porter group would continue to operate as a separate business, ensuring it remains a neutral and highly attractive platform for third-party luxury brands.”


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