JOHANNESBURG - Swiss luxury goods group Richemont said that it had obtained all antitrust clearances from the European Commission to go ahead with its attempt to take full ownership of Yoox Net-a-Porter (Ynap).
The group said that it had received notification last week that the European Commission would not oppose the notified operation.
It said the commission declared the attempts for the 100percent ownership of Ynap compatible with the internal market and with the European Economic Area agreement.
“As a consequence, all antitrust clearances to which the offer was subject, as described in paragraph A.5 of the offer document, have now been obtained,” the group said.
Ynap is the world’s leading online luxury fashion retailer based in Milan.
Richemont owns a portfolio of leading international Maisons, consisting of international luxury brands such as A Lange & Söhne, Baume & Mercier, Cartier, Chloé, Dunhill, IWC Schaffhausen and Van Cleef & Arpels.
Richemont said the transaction, however, remained subject to the Minimum Acceptance Level Condition.
The condition states that neither Richemont nor its affiliates would, among other things, not purchase any Ynap shares or other Ynap financial instruments without the prior written consent for a period of three years after the effective date of the merger between Yoox and Net-A-Porter Group.
In January Richemont offered about R2.7billion for the remaining Yoox Net-a-Porter stake that it did not already own.
Richemont already owns a 49percent stake in Ynap and it offered 38 (R549.20) a share to Ynap shareholders.