BFM Business: Křetínský is going to buy a controlling stake in the Fnac Darty chain

BFM Business: Křetínský is going to buy a controlling stake in the Fnac Darty chain

BFM Business: Crete to buy controlling stake in Fnac Darty chain

Illustration photo – Businessman Daniel Křetínský (pictured on August 30, 2016).

Paris – Billionaire Daniel Křetínský is preparing to buy a controlling stake in the French retail chain Fnac Darty, in which he has held 20 percent since the summer. Citing its sources, the BFM Business server wrote this today. Shares of the company traded on the stock exchange in Paris strengthened by more than ten percent in response to the news.

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Křetínský, who is now the second largest shareholder of Fnac Darta, intends to buy out the share of the largest shareholder, according to BFM sources. This is the German company Ceconomy, which owns 24 percent of the company. The Czech entrepreneur would thus obtain a 44 percent stake and could then start the process that will lead to the chain's shares being withdrawn from the stock exchange, Reuters reported.

Fnac Darty sells books, music and electronics. Today, after the close of stock exchange trading, he is going to announce the economic results for the past year.

Křetínský has built one of the largest European energy groups in roughly ten years. He is now diversifying his activities, therefore looking for investments in retail, media and other areas.

In France, the Czech billionaire built a ten percent stake in the Casino supermarket group through the VESA holding, which he controls with his business partner Patrik Tkáč. Křetínský also has a minority stake in the French newspaper Le Monde and, through the holding company Czech Media Investment (CMI), also owns several French press titles such as Elle, Tele7 Jours and the news magazine Marianne.

Fnac General Manager Darty Enrique Martinez and Daniel Křetínský “get along very well”, assures BFM Business several sources close to both businessmen. Their meeting was significantly mediated by Denis Olivennes, former head of Fnac, now president of CMI France, which brings together Daniel Křetínský's media in France.