2023-04-24 07:05:00
Casino, which has been struggling for several years with debt problems, says it has “taken note” of the Czech billionaire’s proposal.
By LL with AFP
© SERGE ATTAL / ONLY FRANCE / Only France via AFP
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Lhe Czech billionaire Daniel Kretinsky, second shareholder of the Casino distribution group, proposed to the latter to inject 750 million euros via a reserved capital increase which, if completed, would lead to “a change in control of Casino,” the group announced on Monday.
Casino, which has been struggling for several years with debt problems, says it has “taken note” of this proposal accompanied by conditions, in particular the “very substantial reduction of the gross unsecured debt” of the group.
The group from Saint-Etienne “will analyze the proposal” of EP Global Commerce as, one of Daniel Kretinsky’s investment vehicles, “over the next few weeks”.
The Czech billionaire, very active in the distribution sector where he is also the largest shareholder of Fnac Darty with more than 25% of the capital, held at the end of 2022 10% of the capital of Casino via another entity, Vesa Equity Investment.
The Casino group specifies that this operation would require “the approval of certain (of its) creditors” and says it wants to “study the possibility of requesting the appointment of conciliators”.
Intermarché joins discussions between Casino and Teract
In any case, this will only be possible if there is agreement from “certain bank creditors and bondholders”, indicates Casino. Consultations with bondholders and bank creditors “will end on May 19, 2023, in each case subject to extension at the initiative of the Casino group”.
READ ALSOTF1, “Le Monde”, “Le Figaro”, “Marianne”… What Daniel Kretinsky wants
Another major announcement on Monday: the group of independent stores Intermarché, the third player in distribution in France, already a partner of Casino on purchases, joined the “exclusive discussions” which have been taking place for several weeks concerning a possible merger between Casino and the Teract group (Jardiland, Gamm vert, Boulangeries Louise).
This newly created distribution group, listed on the stock exchange and headed by Moez-Alexandre Zouari, has the agrifood giant InVivo as its majority shareholder. On its board of directors sit notably the founder of Free, Xavier Niel, and the banker Matthieu Pigasse.
In addition to the extension of the purchasing alliance between Intermarché and Casino, the discussions relate in particular to the acquisition by Intermarché “over several years and at market price” of a certain number of stores belonging to Casino “representing at least 1.1 billion euros in turnover including tax”, and on the acquisition of a minority stake by Intermarché in the capital of the entity resulting from discussions between Casino and Teract.
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