1 while Le Chameau saw his own back by 3

The acquisition o Oxbow by La uma, subject to a traditional audit, will allow the rench group to become the number 1 European outdoor ootwear and textile. Indeed, it will carry out an acti ity annual pro orma o 240 million euros, o which 60 million euros with Oxbow (sliding), 122 million euros under the brand name La uma, 33 million euros with Millet (mountain / mountaineering) and 25 million euros with the camel (hunting). Globally, the La uma group exceed Patagonia (turno er estimated $ 235 million). Be ore him we ind Rockport (group Reebok), Ecco, Billabong, Rip Curl and groups exceeding 1 billion acti ity, namely, Columbia Sportswear, Corp. (The North ace, Napapijri...), Quiksil er, and Timberland. To acquire Oxbow, the La uma group will pay EUR 25.6 million in the irst place, corresponding to the 63 o the shares acquired rom Teahupoo (ad ised by Argos Soditic und) and the management o Oxbow. Then La uma will launch a public o er to purchase on the 37 o the shares listed on the stock exchange since last July.

Synergies in three areas

In total, the total cost o acquisition should be 42 million euros, paid in cash and inanced by borrowing. The transaction will occur on the basis o a non-re isable price 10,75 euros per share Oxbow attached coupon. This award made out a bonus o 10 on the last course be ore suspension (9.80 euros), 13 on a erage during one month (9,53 EUR - source inin o) and 25 in 07/07/2004 (8,60 EUR) introduction. La uma aims to retain the leadership team in place around Dominique de La Tournelle. The synergies are expected in three main areas: "The international, the respecti e enlargement o the ranges o products or the exchange o expertise between La uma and Oxbow, sourcing and production by an increase o more than 30 o the olumes o new textile purchases together".

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La uma igures

In respect o its irst hal 2004/2005 (ended March 30, 2005), the La uma Group recorded a turno er o EUR 87.3 million. An increase o 7 o er the irst hal o the pre ious year, but 0.2 on a constant. Turno er is high in rance EUR 48.9 million and EUR 38.4 million internationally. At the end o the 2003/04 iscal year (ended September 30, 2004), the La uma Group had marked a break in its de elopment. The acti ity o the group reached EUR ( 2 and 1.1 on a constant) 179.9 million under the impulse o Millet, whose sales ha e increased by 14.5. On the other hand, those o La uma stagnated ( 0.1), while Le Chameau saw his own back by 3.3. By product amilies, and all combined brands, clothing, ootwear and camping equipment progressing respecti ely o 4.4, 17.5 and 2.7, while sales o bags and equipment decreased by 4 and that those boots ell by 7.3. Always or the 2003/04 iscal year, the net result appreciated 6.9, 8,13 million. Quite a debt on own unds o 0.43 ratio, the La uma group could consider a new external growth. It is done.

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La uma external growth operations

Millet ( rance / 1995), camel ( rance / 1998), Madden (United States / 2001), Lallemand ( rance / 2001), Big Back (Germany / 2002), Ober ( rance / 2004), Oxbow ( rance / 2005).