June 2 French crystal maker Baccarat
said on Friday that Chinese investment group Fortune Fountain
Capital has signed a commitment to acquire an 88.8 percent stake
in the company from U.S investment firms Starwood Capital Group
and L Catterton.
Under the terms of the agreement Fortune Fountain Capital
would pay 222.70 euros per share, valuing the company at around
185 million euros. Baccarat shares closed at 259.90 euros on
"If this transaction takes place, it would enable Baccarat
to accelerate its strategic plans internationally, particularly
in Asia and the Middle East, while supporting its growth in
developed markets," Baccarat said in a statement.
On May 19 French daily L'Agefi reported that Starwood
Capital, which holds a 66.6 percent stake according to Thomson
Reuters data, had put Baccarat up for sale, and was eyeing a
valuation of 200 million euros.
Starwood has owned Baccarat since 2005 when it bought parent
(Reporting by Alan Charlish in Gdynia; Editing by Michael