25 MAR 1998
Compagnie Financière Richemont AG announces that the buy-out of the minority unitholders' interests in Vendôme Luxury Group ("Vendôme") became effective earlier today following the registration of the Order of the High Court of Justice in England and Wales sanctioning the Scheme of Arrangement in respect of Vendôme PLC. In consequence of the transaction, Vendôme will become a wholly-owned subsidiary of Richemont. The consideration for the buy-out of the 30% of Vendôme not previously owned by Richemont amounts in total to £ 1 036 million. This will be financed out of the group's own resources, through the issue of loan notes and through drawdowns under a syndicated loan facility led by Deutsche Bank AG, London. Payments will be made to Vendôme unitholders on 8 April 1998.