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The big Japanese trading company Itochu has managed to acquire a 40% stake in the sporting goods company Descente.
Itochu, Descente's main shareholder, launched its takeover bid in late January. The acquisition gives it an effective right of veto over the main management problems.
The trading company spent approximately $ 180 million to acquire an additional 10% of the Downhill shares.
The two companies disagreed on the commercial strategy of Descente, including its activities abroad.
Itochu says that Downhill relies too much on its operations in South Korea to generate revenue. According to him, Downhill should focus more on China before the 2022 Winter Olympics in Beijing.
Both companies indicated that they wanted to have interviews now that the TOB was concluded.
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