Fnac takes lead in fight for Darty

The battle for London-listed electricals firm Darty cranked up a gear today, after French books and music retailer Fnac trumped the latest bid from former Argos suitor Steinhoff.

Fnac, which began its pursuit of Darty last year, upped its offer to 145p a share, valuing the target at £779 million.

Steinhoff, through its subsidiary Conforama, gatecrashed the tie-up in March after abandoning a possible takeover of Argos and leaving Sainsbury’s as the sole bidder. It yesterday submitted a 138p a share offer for Darty, implying a value of £742 million, and revealed it had increased its stake in the company to 19.5%.

Fnac, which is looking to diversify through a deal, also offered Darty shareholders the option of receiving four new Fnac shares for every 125 Darty shares held.

A combination of the two firms would bring benefits worth €130 million (£103 million) a year, it added.

Darty, previously known as Kesa Electricals, sold the now-defunct UK chain Comet for £2 in 2012.