Italian regulator approves Richemont bid on YNAP

Italian market watchdog Consob approved a bid by Cartier owner Richemont for the full control of online luxury retailer Yoox Net-a-Porter, the Swiss group said on Thursday.

The offer, carried out through arm RLG Italia Holding, will run from March 19 to May 9 and could be reopened from May 21 to May 25, the statement said.

If fully taken up, the bid will have a total value of 2.69 billion euros, or 2.77 if stock options are fully exercised.