BIC Group - Press Release
Clichy - xxx
Clichy - 17 September 2013
Cello Pens:
BIC Group completes the acquisition of the remaining 40% of the last entity and exercises its call to increase its stake to 55%
BIC Group today announces that it has:
closed the acquisition of 40% of the last (7th) stationery entity of Cello Group for a total amount of 3.7 bn INR (43.3 million euros1),
- exercised the call option allowing to increase its ownership in Cello Pens 7 entities from 40% to 55% for approximately 2.8 bn INR (32.9 million euros[1]). The closing of this acquisition is expected to be completed before the end of 2013.
The shareholders agreement signed on 21 January 2009 provides BIC Group with call options on the shares held by the Cello Group in Cello Pens 7 entities which allow BIC Group to increase its stake up to 90% by 2017. The Cello Group will have the ability to exercise put options against BIC Group, the first one increasing BIC's stake from 55% to 75% potentially in 2014. The price of these options is based on a formula tied to earnings.
Cello Pens is India's largest manufacturer and distributor of writing instruments with approximately 28% of India domestic pen market and a presence in Africa, Middle-East and Asia. With its broad portfolio of products and countrywide distribution network, the Cello® brand is one of the most recognized in India. For Fiscal year 2012 (end of March 2012) Cello Pens net sales were 5.5 bn INR (65.1 million euros1) with an EBIT margin of 25%.
Bruno Bich, BIC Group Chairman of the Board, said: "Cello Pens brings opportunities to accelerate our Group development in India, as well as in other parts of Asia and will generate long term value."
Mario Guevara, BIC Group Chief Executive Officer, added: "The exercise of the call option allows us to increase our stake in a highly successful company focused, like we are, on delivering the highest quality products to consumers and that will contribute to BIC Group's long-term growth."
Contacts
| Investor Relations: +33 1 45 19 52 26 | Press: +33 1 53 70 74 48 |
| Sophie Palliez-Capian sophie.palliez@bicworld.com | Priscille Reneaume preneaume@image7.fr |
| Katy Bettach Katy.bettach@bicworld.com | Isabelle de Segonzac isegonzac@image7.fr |
| Claire Doligez cdoligez@image7.fr |
For more information, please consult the corporate web site: www.bicworld.com
Disclaimer: This document contains forward-looking statements. Although BIC believes its expectations are based on reasonable assumptions, these statements are subject to numerous risks and uncertainties. A description of the risks borne by BIC appears in the section, "Risk factors" in BIC's 2011 Registration Document filed with the French financial markets authority (AMF) on March 27, 2013.
2013-2014 Agenda (all dates to be confirmed)
| 3rd Quarter & 9 months 2013 results | October 23, 2013 | Conference call |
| FY 2013 results | February 12, 2014 | Meeting, BIC Headquarters |
| 1st Quarter 2014 results | April 24, 2014 | Conference call |
| 2013 Shareholders meeting | May 14, 2014 | Meeting, BIC Headquarters |
About BIC
BIC is a world leader in stationery, lighters, shavers and promotional products. For more than 60 years, BIC has honored the tradition of providing high-quality, affordable products to consumers everywhere. Through this unwavering dedication, BIC has become one of the most recognized brands in the world. BIC products are sold in more than 160 countries around the world. In 2012, BIC recorded net sales of 1,898.7 million euros. The Company is listed on "Euronext Paris" and is part of the SBF120 and CAC Mid 60 indexes. BIC is also part of the following SRI indexes: FTSE4Good Europe, Euronext Vigeo Europe 120, Euronext Vigeo France 20, Ethibel Excellence Europe, Gaia Index and Stoxx Global ESG Index.
[1] 84.53 INR = 1 euro (13-SEP-2013 ; ECB Reference rate)
