Chinese investor buys 88.8% of the stock of the French manufacturer Baccarat crystal

Moscow. June 2. INTERFAX.RU – Chinese investment company Fortune Fountain Capital Ltd buys controlling stake (88,8%) French crystal manufacturer Baccarat has a history spanning over 250 years, for 164 million Euro, is spoken in the message of the French company.

Before that Baccarat belonged to the American group Starwood Capital, which bought the brand from the family of Tetange in 2005. Since 2012, a small proportion of shares owned by the company L Catterton, for which there is concern LVMH, on the open market appeal not more than 10% of the shares, said Bloomberg.

Fortune Fountain was offered Starwood and L Catterton at 222,70 euros per share Baccarat is 14% less than the price of the securities at the close of trading on June 1. Over the last two weeks of Baccarat stock rose 19% on expectations of a potential takeover. On Tuesday the quotation rose by 0.2%.

Baccarat revenue has been steadily declining for four years, in 2016, she declined to and 148.3 million euros and a profit of last year amounted to 3.2 million euros. Before that Baccarat recorded loss of up to five of the seven years.

Crystal production in the city of Lorraine, baccarat was founded in 1764 by decree of king of France Louis XV. Baccarat is famous for crystal glasses for champagne and the Grand chandeliers, the company established a crystal balustrade for Dolmabahce Palace in Istanbul.

Since 1988, in Paris there is a baccarat Museum, which contains some of the most famous products of the company.

Fortune Fountain was founded by the descendants of the famous Chinese calligrapher Wang Xizhi, who lived in the 4th century.