This takeover of Conforama France by the But group would be “European in scope given the turnover of the companies concerned” and should in principle be examined by the European Commission. “However, the parties requested (…) that it be referred to the French Competition Authority, considering that the latter was better placed to examine it”.
A lasting solution
Last week, the unions of Conforama, controlled since 2011 by a South African shareholder, Steinhoff, said that discussions between Mobilux and Conforama France for the acquisition of the latter were well advanced.
“The sale of Conforama France to the Mobilux group appears to be the only lasting solution to enable us to turn the page on the catastrophic balance sheet of the Steinhoff years, which has resulted in considerable debt and the loss of 1,900 jobs,” FO said. from the meeting of a central social and economic committee (CSEC) at Conforama France.
Closure of 42 stores, elimination of 1,900 positions
“Mobilux’s current offer, analyzed by accounting experts from the CSEC, meets all of Conforama France’s needs, since it includes all of the liabilities (including full funding of the PES – job protection plan , editor’s note) and assets “, namely the Conforama brand, all establishments and all employees,” with the exception of stores and employees affected by the PES, “detailed the union.
The brand implemented an approved PSE on February 27, providing for the closure of 42 stores (Conforama and Maison Dépôt brands), as well as 1,900 job cuts out of 9,000 in France.
“The Commission considered that the conditions for referring the operation to the Competition Authority were met, (the latter) being the best placed to study the operation with regard in particular to the national impact of the operation and his experience in examining mergers in this sector. “
As a reminder, specifies the Competition Authority, “a merger control decision is generally made within 25 working days, from the date of complete receipt of a file”. It is now up to Mobilux to formally notify its proposed acquisition
–
