Bernard Marionnaud is a family company. It is the history of Marcel Frydman (73 years old) who decided 20 years ago to buy a perfume shop for his wife with only 100 000 Francs. But he realised after a while that he was very interested in this shop and desired to buy some others to make more profit. So, his aim was to buy gradually several outlets which had serious financial problems for a cheap price and to develop them with his two sons. Thus, he bought in 1996 the firm Bernard Marionnaud. The headquarters is in Vincennes, in the east suburb of Paris. This firm knew a spectacular success. Indeed, during the last five years Marionnaud bought 1100 outlets and is planning to be implanted in Casablanca, in Morocco. Today, the company owns 1215 perfume shops, around 600 in France and about 500 abroad located in 12 countries (in Italy, Poland, Czech republic, Spain, Suisse, Slovakia, Austria, Hungarian, Romania, Bulgaria, Portugal and Tunisia).
[...] - Authorities of the market enjoin Marionnaud to set up its figures in a couple of days. The 17th December 2004. - Marionnaud finally gives its results: the leakage is estimated to million. - This is due to different stock problems and to fidelities cards discount. Indeed, the 8 million of fidelity cards gave a reduction of on a lot of sells. And these reductions weren't counted in the turn over. Moreover the activity publication of 2002-2003 has to be rectified. [...]
[...] Thanks to Marcel Frydman it is not a new decision and it doesn't depend on the Chinese group The consequences of the tender offer To begin, the main thing Watson AS will have to do is regaining the confidence of the market, banks, its auditors, the shareholders and the FMA. And, of course, it will have to correct mistakes in accounting and avoid them in the future. As it has been said just before, the board of directors is going to change and become open to investors. [...]
[...] According to the FMA, AS Watson wants to integrate Marionnaud as its subsidiary and to do that, it needs 95% of the capital and the right to vote. Thus, the disagreement of the APPC can involve some problems for the success of the operation when we know that minority shareholders owe 65% of Marionnaud's capital. Finally, we can wonder why AS Watson wanted to buy Marionnaud in spite of its financial problems. This purchase is very reasonable and logical considering AS Watson's strategy of expansion during the last few years. [...]
[...] On January 14th 2005, there are 15,878,368 Marionnaud Parfumeries' shares and maximum 2,830,078 shares that could be the result of a conversion of 2,695,312 OCEANE. It can be successful only if AS Watson can buy at least of the capital of the company at the end. For the moment, the family of the founder, Marcel Frydman holds of the capital of the firm, “l'Union d'Etudes et d'Investissements of Crédit Agricole” and Distripar Minority shareholders own the rest. The Frydman family said they will sell their part. [...]
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