Somfy: favorable opinion of the Board of Directors on the proposed simplified takeover bid – 2022/12/07 at 6:13 pm

(AOF) – Somfy’s Board of Directors has issued a favorable and unanimous opinion on the proposed simplified takeover bid initiated by the companies JPJS1 and JP 3. This operation, initiated by the family group Despature, reference shareholder of company since 1984 and which currently holds 73.9% of the capital and 84.2% of the theoretical voting rights of Somfy. The offered price of 143 euros.

The Board of Directors has declared that the offer and the consequences of the project are in line with the interests of the group, its shareholders and its employees and recommends that the company’s shareholders tender their shares to the offer.

This opinion was rendered unanimously following the recommendations of the ad hoc committee, made up of three independent members, and the conclusions of the report – including a fairness opinion on the financial conditions of the offer – issued by the independent expert Finexsi, appointed on the recommendation of this committee.

The Board emphasizes that the offer enables shareholders to obtain immediate liquidity, shareholders also having to factor in the risk of seeing market liquidity for Somfy shares decrease sharply after the offer if the squeeze-out threshold is not not reached.


Key points

– World number 1 group in the automation of openings and closings for homes and buildings, created in 1969;

– Activity of €1.4 billion generated by shutters & solar protection, connected home, security and blinds, split between France for 29.2%, Germany (14.3%) Northern Europe (11, 4%), Southern Europe (10%), Central Europe (13.7%), North America (9%);

– Business model

– Capital controlled at 71.9% Jean-Guillaume Despature chairing the board of 7 directors, Pierre Ribero being managing director;

– Solid net situation at €1.5 billion at the end of June 2022.


– Ambition 2030 strategy refocused on connected carpentry and its use cases;

– Innovation strategy supported by 17 R&D centers and a portfolio of nearly 3,000 patents:

– digitization of the company: deployment of a platform from the single ERP implemented in Italy in 2021, robustness of infrastructures and automation of logistics

– Internet of Things: participation in the Matter platform in the Internet of Things and partnerships – Wisniowski for a connected ecosystem, EMCOA in connected carpentry, etc.,

– Somfy Lab co-design platform;

– Environmental strategy “We act for a better way”, validated by the SBTi with 2030 objectives:

– 50% reduction in CO2 emissions

– 100% of products labeled Act for green, vs 61.5%, in 2021 and 100% renewable energy, vs 40%;

– Strong growth in services, boosted by the partnership with Répar’stores.

– Continued strong growth in sales in China via equity-accounted company Dooya.


– Entry to the SBF 120 in September 2022;

– Sharp slowdown in demand in Europe;

– Shortage of components: securing supplies and mobilizing R&D in the design of engines incorporating new generation components;

– After a 5.1% increase in turnover and an 11.9% decline in net profit, anticipation for the 2nd half of a continuation of the slowdown noted during the summer;

– 2021 dividend of €2.15.

Great prospects with green hydrogen for the electricity sector

The French hydrogen plan of 7 billion euros, which has been increased to 9 billion, aims to develop an industrial sector for the production of low-carbon hydrogen. Gimélec, the group of companies in the digital electronics sector in France, has identified strong benefits for manufacturers of electrical equipment. For its members, the economic benefits are estimated at 10 billion euros by 2030, then an additional 20 billion for the period 2030 to 2040, mainly for the sector of manufacturers of digital electronic equipment (from transformers to control systems ). This will lead to massive recruitment, in particular in the areas where hydrogen development efforts will be concentrated, in the Mediterranean and in the Seine Valley.

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