CFAO announced a takeover bid for the Reunion-based company Foucque Automobile
CFAO announced today that it had filed a takeover bid for the Citroën automobile import and distribution business of Reunion-based company Foucque Automobile....
CFAO announced today that it had filed a takeover bid for the Citroën automobile import and distribution business of Reunion-based company Foucque Automobile, which was placed under court-ordered receivership on December 1, 2010. The offer is part of the tender process launched by the court-appointed administrator in charge of the case.
CFAO already has business operations in Reunion through its CMM Automobiles subsidiary (revenue of approximately €110 million in 2009) and is looking to round out its product range and bolster its presence in this French overseas department. Foucque Automobile's distribution business represented full-year revenue of approximately €40 million in 2009.
The offer is subject to certain operational and legal terms and conditions, including authorization by the French anti-trust authorities, and will be reviewed by the Commercial Court (Tribunal de Commerce) of Saint-Denis de la Réunion in the coming weeks. Given this timetable, should the offer be accepted by the Commercial Court, this transaction would have no impact on the Group's financial statements for the year ended December 31, 2010.
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