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Partouche SA group is perhaps on the eve of turning a new page in its young history, which began in 1973 with the takeover by Isidore Partouche and his family from the casino of Saint-Amand-les-Eaux (59). In a release issued Friday, the Group of casinos some 50 institutions operating with 257.1 million euros of turnover to April 30 for the first half of the fiscal year 2005-2006 indeed confirmed that "its family shareholders are currently in discussion" with the businessman Bordeaux Michel Ohayon to the acquisition, by the latter, "of the majority of the share capital and voting rights" society. "A number of expertise" and audits, whose execution was the subject of a protocol signed on September 29, are underway, he also said. Stating that "nothing is done", the President of the Executive Board of group Partouche, Patrick Partouche the son of Isidore said also to the "voices" that "the question of the management" as part "topics" to address.
If it materializes, the redemption of the block of family control (about 71 of the capital) would imply for the purchaser to proceed to a guarantee of course or a public offer simplified for all of the shares. Indeed, the new has been pumped up first place as early as Friday group Partouche at the Paris stock exchange, where the value finished the session on a gain of 7.34 to 19 euros, which values the Group almost 819 million.
Early July, the weekly "Challenges" had revealed the existence of negotiations between the family Partouche and Michel Ohayon, information was neither confirmed nor denied. Patrick Partouche, a "first contact" did take place this summer, but others were also established with other potential investors.
A size operation
Since late September, both parties are therefore entered in any other phase. The acquisition of group Partouche would be a size for the rich and discreet Bordeaux businessman operation (early 2005, he valued his heritage to EUR 350 million, after selling 110 million of real estate assets to the British company Grosvenor). Some observers questioned the possibility of investor partners, while Michel Ohayon currently displays its silence: "in the immediate future", it "does not wish to make comments", was Friday whether his entourage.
Moreover, the sale of the Group of casinos, which has already sold some assets to reduce debt the rate of indebtedness ("gearing") is 90 30 April last implicated in a context which remains bleak for this sector, in addition subject to high tax pressure. In addition, the other tenor of the sector, group Lucien Barrière, born approximation end 2004 the barrier (excluding the farmer in Cannes) group and Accor Casinos, is to strengthen its positions in France, winning three last large tenders (Toulouse, Blotzheim, Lille). Finally, the French market of games online, an area in which group Partouche is very active he holds a licence to operate in Gibraltar to operate a casino on line , remains closed for the moment. Elements that could explain the withdrawal of the Partouche family, who had temporarily negotiated in 2004 with Cinven and Permira capital-investment companies.
