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Yoox Net-A-Porter to delist from Milan exchange

Yoox Net-A-Porter Group SpA will be delisted from the Milan Stock Exchange on June 20 in connection with Compagnie Financière Richemont SA's takeover of the online high-fashion retailer, according to a May 17 statement by the Swiss luxury house.

Richemont, which previously owned 24.97% of Italy-based Yoox Net-A-Porter, or YNAP, in January offered to buy out the e-commerce company. The Cartier brand owner said it accumulated 94.999% of YNAP's ordinary shares through a voluntary public tender offer.

On May 18, Richemont will pay €2.47 billion in cash to holders of the YNAP shares that have been tendered so far in the offer and will buy out the remaining shares for up to €300.1 million.