Toyota Tsusho Corp secures almost 98 pct of France's CFAO
Mon Dec 24, 2012 3:15am EST
PARIS, Dec 24 (Reuters) - Toyota Tsusho Corp, the Japanese conglomerate, said on Monday it had secured almost 98 percent of French distribution company CFAO.
The Japanese company said it would decide within three months whether to keep CFAO's French stock market listing.
TTC had bought a 29.8 percent stake in CFAO in July from luxury and retail group PPR. TTC later launched a tender offer for CFAO, including PPR's remaining 12.2 percent stake, at 37.50 euros a share. The deal valued CFAO at 2.3 billion euros ($3 billion).
At the close of the tender offer on Dec. 17, TTC had received 97.91 percent of CFAO, it said in a statement.
"Although having acquired more than 95 percent of CFAO's voting rights shares, we will study whether to maintain CFAO's French listing," it said.
Its chief executive Jun Karube told French daily Les Echos in October that TTC wanted to keep CFAO's listing on the Paris stock exchange.
CFAO distributes vehicles and medicines in Africa and French overseas territories.
($1 = 0.7590 euros) (Reporting by Elena Berton. Editing by Jane Merriman)