Zalando secures more than 90 percent of About You, squeeze-out planned

Online retailer Zalando is close to completing the takeover of its competitor About You.

The Berlin-based company has secured more than 90 percent of About You’s share capital, as it announced on Friday. Shares held by About You itself are not included in this figure.

As soon as the purchase of the shares has been completed following approval by the relevant authorities, Zalando wants to force the remaining minority shareholders of About You out of the company. This could happen from the summer, according to the information.

In order to carry out this so-called squeeze-out of minority shareholders, Zalando intends to merge About You with itself or a subsidiary. If the stake reaches 95 percent of the relevant shares, the squeeze-out could also take place directly, it said.