(AOF) – The automobile distributor Parot announces that it is entering into exclusive negotiations with a view to the acquisition by NDK, holding company of the Tressol Chabrier group, of a majority stake representing 77.67% of the company’s capital. The transfer of this block of control would be carried out at a price per Groupe Parot share of 8.83 euros. In the event of the acquisition of the controlling block being completed, NDK will file a draft mandatory simplified public purchase offer (Opas) on the balance of Groupe Parot shares, not including shares held by Parot, at the same price. .
NDK intends, in the event of reaching the legal threshold at the end of the Takeover bid, to implement a compulsory withdrawal of Groupe Parot shares not tendered to the offer.
The acquisition of the Control Block and the deposit of the Opas would probably take place at the end of the 1st quarter of 2024 for a deposit of the Opas at the beginning of the second quarter of 2024 and a settlement-delivery of the Opas at the beginning of the 3rd. quarter 2024.
The Tressol Chabrier group is a major player in the automobile industry in the South of France, present in 23 cities and 9 departments, distributing 34 car and motorcycle brands through 72 points of sale.
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Concerns remain
According to the Federation of Specialized Trade, Procos, in October 2022, activity fell by 1.5% year-on-year. However, the activity of beauty and health (+ 5.2%) and specialized food (+ 3.5%) are dynamic compared to October 2021. Attendance at points of sale was very impacted by the problems fuel and unfavorable weather. Compared to October 2019, a pre-covid year, the drop in attendance is very sharp (-20.9% in October). Shopping centers and the outskirts are more impacted than city centers with a gap of four to five points.
There are several reasons for concern for the future. The players are experiencing a very significant jaws effect given the increase in their operating costs while the evolution of demand is very uncertain. Very few brands can pass on the increase in their costs in sales prices. The federation therefore asks, among other things, to limit the indexation of the Commercial Rent Index to + 3.5% for the rents of all companies in 2023. It also invokes an absolute emergency: cap the price of energy for 2023 and retroact on contracts already signed to prevent the rate of failures from accelerating.