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:nonono2:
Isn't it supposed to be "Rossignol bought by Quicksilver"?
this is a sad, sad day...
I'm willing to authoritatively state that with a name like "Mezdì" he is surely an American born and bred. Probably from Kansas or Iowa.Quote:
Originally Posted by runethechamp
...damn those poor midwestern public schools.
Why, because a Company with money saves a company who was dying?Quote:
Originally Posted by belgian
Quicksilver isn't exactly GE or some other soul-less giant megacorp. Rather have it be them than some GroceryStore Magnate looking for streetcred...
http://www.tetongravity.com/forums/s...ad.php?t=27239
maybe writing or reading english isn't this guy's forte
Maybe DINMS has a new alias.Quote:
Originally Posted by tuffy109
To clarify:
PARIS, March 22 (Reuters) - Loss-making French ski maker Skis Rossignol agreed on Tuesday to be bought by U.S. surf clothes maker Quiksilver for 241 million euros ($318 million), creating the world's biggest maker of outdoor clothing and equipment.
The merger of sea and snow will be accompanied by 134 job cuts at Rossignol, which predicted a heavy loss for the financial year to March 31 as it restructures to cope with disappointing winter sales, overcapacity and a weak dollar.
The deal is a rare foray by a U.S.-listed company prepared to defy the weak dollar by buying corporate assets in the euro zone, although private equity activity continues to bubble.
"Our ambition is to represent in outdoor (gear) what Nike and Adidas represent for team sports, with brands that kids will fight to get their hands on," Quiksilver Chairman Bernard Mariette told a news conference.
Founded in Australia in 1969 with the invention of board shorts that stayed on in the surf, Quiksilver said on Tuesday it had agreed to buy a majority stake in Rossignol from the controlling Boix Vives family, paying with cash and shares.
The family owns 45 percent of Rossignol's capital and 63 percent of its voting rights.
Quiksilver would then offer cash for the remaining capital at 19 euros per share. In all, Quiksilver is paying 241 million euros and assuming 120 million euros in debt.
The deal will leave the Boix Vives family with a 1.5 percent stake in the new firm, to be called Quiksilver Rossignol.
The bid offers the slimmest possible 0.1 euro per share premium to Monday's closing price of 18.9 euros, but takeover talk had already pushed Rossignol to a seven-year high of 19.1 euros in recent weeks following Quiksilver's initial approach.
Some analysts considered the price generous.
"We had estimated the price at 18 euros which in our opinion was a quality valuation for the group given the deterioration in its fundamentals over 2004/05," said Caroline Barbery at Fortis Securities.
But Mariette, who said the deal offered shareholders a 40 percent to 45 percent premium over Rossignol's share price before speculation rallied its stock, rejected suggestions he had overpaid.
"The price is fair, more than fair for the shareholders of Rossignol and of Quiksilver," he told Reuters, adding that the two firms had been in talks for a year.
Quiksilver shares fell 5.7 percent in early U.S. trading to $31.28.
LATE SNOW
Rossignol said late snow had affected orders for new lines, especially in Japan, while snowboard sales had fallen and weakness persisted in the rollerblade market.
Facing overcapacity in its core ski business and increased competition from China, Rossignol is also exposed to the weak dollar as a large chunk of its sales are in the United States.
Rossignol said factories would be reorganised and jobs would be affected, but it would do its best to avoid firings. "The amount of provisions is currently being worked out," it said.
Rossignol Finance Director Francois Chauvet said 134 jobs would go, mainly through retirements and normal departures.
"We would have had to do the restructuring anyway but with financial means that were not the same," added Laurent Boix Vives, Rossignol's supervisory board chairman.
The deal will boost Quiksilver's earnings from 2006.
Calyon banker Christophe Marchand, who advised Quiksilver on the deal, told Reuters that benefits would derive from revenue rather than cost savings. "Quicksilver is buying a company in recovery," he said.
The deal will lift sales at the new firm to 2.8 billion to 3.4 billion euros in five years' time from 1.9 billion now, and Mariette said he intended to match Rossignol's operating margin -- 4.8 percent in 2003/04 -- to Quiksilver's 10.4 percent level.
Skis Rossignol leads the world's winter sports goods market with its Rossignol, Look and Dynastar brands.
Rossignol shares, which Euronext said would remain suspended for now, closed at 18.89 euros on Monday, valuing it at 235 million euros ($310 million) and 48 times projected annual earnings, based on analyst estimates collected before the new restructuring news, according to Reuters data.
That compares with a multiple of about 17 times forward earnings for Rossignol rival Adidas-Salomon.
Quiksilver is now a golf company
Vijay and Candide are now "teammates". :rolleyes:
Fuck....48 x P.E.??? That is some very pricey stock for a company that is losing money.
Big companies buying smaller companies is not always a bad thing. Why do people get all up in arms over stuff like this? Like tippster said, it's a company that sponsors a huge amount of surfing events and riders. Quicksilver is not Wal-mart.
I thought "Rossignol done buyed Quiksilver" would be correct in Kansas.Quote:
Originally Posted by Will
Didnt they say earnings would be accretive?Quote:
Originally Posted by irul&ublo
Also, how do you have a positive P/E if you are losing money?
Agreed that 48x PE is pretty steep, but maybe they ar counting on future growth of the exxxxtreme sports market.
More likely, though, they see some brand names that can be exploited through clothing sales.
Hardgoods - Bahh
Soft goods is where the money is.
P/E is price to earnings, not price to net income.Quote:
Originally Posted by Core Shot
Haha....all the kiddies over on Newschoolers were all up tight about Candide 'selling out' and leaving Salomon, but now that this has finally gone through, after all the speculation, you can bet he is a very happy young Frenchie.
Betting his share options and pay just got solidified in a pretty major way ;)
And there is no reason why Quik shouldn't buy Rossi. Seeing how they already own GNU and LibTech, they aren't entirely foriegn to the hard goods markets.
They have successfully established the Hawk (as in Tony...) Brand in skateboarding, so why not try the same in the Freeski area? Its a potential youth growth market.
Also, alot of the young Jnr Racers in Europe are being hooked up with the Quik Eyewear from what I've seen during the summer on the glaciers when they are training. SO they seem to be willing to support it on all sides, more so at grass roots than the high profile pro level, possibly.
Besides, K2 own a bunch of seemingly more random stuff like fishing and softball, VF owns Lee Jeans alongside North Face, Vans and now Reef amongst others, and we already had the whole Adidas-Salomon 'merger'. Any sort of outdoor/sport based company seems better to me than a company who also drills for oil and makes car parts.
Oh, and if not Quik, apparently Nike were interested early on but beaten to the line... :rolleyes2
Anyway, just my $0.02..... :D
Doh!Quote:
Originally Posted by irul&ublo
You do Rule.
I guess that means I . . .
i thinked this was going to happen.
I wish I were Candide about now.
I don't care who signs the check, just so long as the money's coming in.
Actually, earnings and income generally mean the same thing. The multiple they refer to is 48 times projected annual earnings - next year's earnings, in other words.Quote:
Originally Posted by irul&ublo
http://www.tetongravity.com/usergall...pics/jules.jpgQuote:
Originally Posted by mezdì
ENGLISH, MOTHERFUCKER! DO YOU SPEAK IT?
You guys suck.Quote:
Originally Posted by Mezdi in a different thread:
You know me, from other italian forum, my nick is Montagna bianca ;-)
I am a long time lurker of this forum, but I post so little, for my bad english.
Here you will find some pics from my visit:
Dachstein Photos
Yes indeed we do :frown: . Sorry Mezdi for that rather harsh welcome to the forum. Those Dachstein photos are pretty sweet.Quote:
Originally Posted by Geoff
hey Berzerkeley, the day you speak italian like mezdì speaks your mother tounge, gimme a call :rolleyes2Quote:
Originally Posted by runethechamp
plus, I know you have chicks in Berzerkeley, but mezdì lives in a place where two thirds of all ski boots (and surely the best two thirds) are made. He already saw the boots you will die for during the 06-07 winter :rolleyes:
Hey, I already apologized. And my mother tongue is Norwegian in case you were wondering. And again, sorry for the unnecessary harsh welcome Mezdi, it was meant as a joke but came through the wrong way when I saw the other posts.Quote:
Originally Posted by verbier61
I am glad they teached me correct English, my parents fighted to get me in good schools.
Hey, totally my fault, I've missed your apolo! what brings a norw in cal's land?Quote:
Originally Posted by runethechamp
Long story but something in the order of studies-work-wife-kid. And all the skiing is helping out too.Quote:
Originally Posted by verbier61