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Richemont gets 94.99% of Yoox Net-A-Porter in takeover bid

Swiss luxury house Compagnie Financière Richemont SA said May 10 that it now holds 94.99% of the ordinary shares of YOOX Net-A-Porter Group SpA, or YNAP, following the end of its takeover offer.

Richemont, which previously held 24.97% of the Italy-based online luxury fashion retailer, in January offered up to €2.69 billion to buy all the shares of the company that it did not already own, at a consideration price of €38 per share.

Approximately 93.32% of the targeted shareholders, comprising nearly 70% of YNAP's ordinary share capital, accepted the offer.

The new stake exceeds a 90% threshold that triggers an obligation for Richemont to buy out YNAP's remaining investors and delist the company.