Chinese investment group Fortune Fountain Capital (FFC) has announced that it has signed an agreement to buy a controlling stake in French crystal maker Baccarat from US investment firms Starwood Capital Group and L Catterton. Under the binding agreement, FFC will pay €222.70 per share, valuing the 88.8% stake at €164 million (€184 million). The acquisition of the renowned Paris-based firm, founded in 1764, is another illustration of the growing weight of Chinese investments in France, whose tourist and wine industries have a great appeal in the world's second-biggest economy. The price reflects a 2.1% premium compared with Baccarat's closing stock price on 18 May. Press reports then about a potential sale of the company triggered a spike in the share price, which closed at €259.90 at the end of the day.
