Fnac's takeover of Darty could create €85m of synergies a year

Fnac, the France-based music and book retailer, said its proposed acquisition of London-listed Darty could create approximately €85m (£61.1m) per year of synergies before tax.

The French company said its bid had already been given the green light by two key Darty’s shareholders, Knight Vinke Asset Management and DNCA Finance SA, which held a combined 23.63% stake in the electrical goods retailer.

Last month, Fnac submitted a £533m takeover bid for Darty, as it aims to create a French market leader in white goods.

In a statement released on Monday, the France-based group said it expected the deal to be completed by September 2016, with approximately 10% of the synergies to be realised in 2016, rising to 60% in 2017, 95% in 2018 and 100% thereafter.