Ovs aims to expand into Switzerland, Austria and part of Eastern Europe. The Italian group, in partnership with two investors, today launched a takeover bid on the shares of Charles Vögele Holding, a retailer active in fashion, with 760 points of sale in Switzerland, Germany, Austria, Holland, Belgium, Eastern Europe and an annual turnover of around 800 million Swiss francs.
Ovs' objective is to acquire a minority stake of 35% in Sempione Retail for a total investment of 14,1 million Swiss francs and no significant impact on debt. Sempione Retail is the vehicle through which the tender offer for the shares of Charles Vögele Holding was launched, at a price of 6,38 Swiss francs each.
Charles Vögele's board has recommended that shareholders accept the terms of the offer, which is expected to close on November 23. The agreement, explains Oviesse in a note, provides for the conversion of Charles Voegele's network into OVS formats. The conversion plan will be developed with the local management in the 18 months following the acquisition. In this way, the Ovs brand will be able to reach many other European countries, relying on a network of quality shops.
Starting 3 years after the successful closing of the offer, Ovs will be able to exercise the option to purchase a further 44.5% stake in Sempione Retail from Retails Investment, one of the other two investors.
