PARIS — French leather goods company Le Tanneur Wednesday said its majority owner Qatar Luxury Group has signed a deal to cede control of the company to French leather goods and accessories supplier Tolomei Participations through a capital increase. The 13.3 million-euro capital increase, which was announced in June, will take the form of a three-step process, including a simplified tender offer at a price of 2.50 euros per share. Upon completion of the deal, Tolomei will hold 50.2 percent of the capital and voting rights of Le Tanneur.
An extraordinary shareholders’ meeting and an initial stage of the capital increase are planned for the end of September; a supplementary capital increase and tender offer are expected to take place during the fourth quarter of the year. Qatar Luxury Group, which owns 85.6 percent of the capital and 92 percent of voting rights, will see its share reduced to 42.6 percent of both the capital and voting rights upon the first stage of the operation. Le Tanneur, which has around 550 employees, generated sales of 53.8 million euros last year. It was listed on France’s Euronext exchange in 2000.