PARIS — As expected, Groupe Clarins stock resumed trading on the Paris Bourse Tuesday after it was suspended June 26 at the request of the Courtin-Clarins family, majority shareholders in the firm.
This story first appeared in the July 9, 2008 issue of WWD. Subscribe Today.
Clarins stock spiked 26.6 percent Tuesday to 55.35 euros, or $86.62 at current exchange. Analysts said the hike was anticipated once trading resumed.
As reported, the Courtin-Clarins’ intent is to delist the company by offering 55.50 euros, or $86.85, for each of the 15.2 million shares in Clarins not already owned by the family’s holding company Financière FC. (This represents 37.26 percent of Clarins’ capital.) The tender offer is slated to run from July 18 to Sept. 5.
Clarins’ shares were suspended at a unit price of 43.72 euros, or $68.42, on June 26.
On Friday, France’s stock market watchdog Autorité des Marchés Financiers published a statement saying Financière FC reserves the right to buy a maximum of one-third of the shares it seeks in Clarins, or up to 5.062 million shares, before the public offer begins.