Kering in its Announced Spin-Off of Groupe FNAC

April 17, 2013

Cleary Gottlieb represented Kering (former PPR Group) in the decision to list the shares of Groupe FNAC on Euronext Paris. The meeting of the shareholders of Kering, called for June 18, will decide upon the distribution of Groupe FNAC shares to all of Kering’s shareholders in the form of an additional dividend. The listing decision was announced on April 17 and trading in the shares of Groupe FNAC on Euronext Paris should start on June 20.

Groupe FNAC is a European leader in the retail distribution of cultural, entertainment and electronic products.