ECULLY, France--(BUSINESS WIRE)--Regulatory News:
Groupe SEB (Paris:SK) announces that it has signed an agreement with Supor Group, the holding company of the Su family, to buy 50 million shares or 7.9% of the capital of Supor at the price of CNY 29 per share. This transaction follows the purchase of 10 million shares that was completed during the first half of 2015. Subject to the approval of the Chinese authorities, it should be finalized mid-2016.
After the operation, Groupe SEB will hold 81.03% of its Chinese subsidiary and the founding family 2.31%, the remaining stake, i.e. 16.66 %, representing the free float. Groupe SEB does not plan on taking full control of Supor, which will remain listed on the Shenzhen Stock Exchange.
The cost of the transaction amounts to CNY 1,450 million, or about € 205 million.
This new increase in its ownership of Supor does not change the effective control of Groupe SEB over its subsidiary but confirms the Group’s confidence in Supor’s ability to further expand on the Chinese domestic market and strengthen its strategic role in the Group’s industrial footprint.
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The world leader in small domestic equipment, Groupe SEB operates in nearly 150 countries with a unique portfolio of top brands including Tefal, Rowenta, Moulinex, Krups, Lagostina, All-Clad, and Supor, marketed through multi-format retailing. Selling some 200 million products a year, it deploys a long-term strategy focused on innovation, international development, competitiveness and service to clients. Groupe SEB has nearly 25,800 employees worldwide.
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