DUBLIN, March 2, 2016 /PRNewswire/ --
The global consumer electronics market is expected to grow at a CAGR of over 3% by 2020, according to a report available from Research and Markets. The report states that consumer electronics is one of the largest segments in the manufacturing industry and has strong potential, and today Steinhoff International Holdings NV Group made an unsolicited bid for French electronics retailer Darty Plc.
Steinhoff proposed a USD 924 million bid for Darty, offering to pay 125 pence a share in cash for the retailer. The bid is believed to be a direct challenge to Groupe Fnac SA's agreement to purchase Darty, and is the second takeover in Europe Steinhoff has intervened in. On Feb. 22 it was revealed that Steinhoff had made a USD 1.95 billion offer for Home Retail Group Plc in an attempt to impede a bid from UK supermarket chain J Sainsbury Plc.
The European consumer electronics market is forecast to reach a value of USD 55.6 billion by 2019, as stated in an industry report. The report notes that growth in this particular market will decline by -0.8% during the forecast period of 2014-2019. The lack of foreseeable growth in this market supports the suggestion that Steinhoff bid on Darty mainly to upset Groupe Fnac's buying agreement.
The European electrical and electronics market will reach a value of USD 380 billion by 2019, as stated in a market report. The report notes that consolidation is a key trend among major retailers in this market, helping retailers to expand market shares and remain profitable. While Steinhoff's bid may be designed to disrupt, the offer could help Darty achieve greater stability and a bigger market share.
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SOURCE Research and Markets