2023-07-17 15:05:50
The Casino action has been suspended since the opening of the markets on Monday, “at the request of the company” and pending a press release, according to a communication from the stock market operator Euronext.
According to two sources familiar with the matter, the distributor with 200,000 employees (including a quarter in France) could communicate Monday evening after meeting of its board of directors. A meeting to be held after a presentation of takeover offers to Casino’s creditors, major French and European banks, investment funds or institutional players.
Debt of 6.4 billion euros at the end of 2022
Takeover candidates had until July 14 at 9 p.m. to submit an improved takeover offer. The trio of businessmen Xavier Niel, Matthieu Pigasse and Moez-Alexandre Zouari had initially applied, but announced Sunday evening “not to submit an offer”, referring to “a financial situation more deteriorated than expected”. After this abandonment, only one offer remains, that of the duo of billionaires composed of the Czech Daniel Kretinsky and the French financier Marc Ladreit de Lacharrière.
The latter’s offer has been “modified a bit” to ensure the support of more Casino creditors, the Czech billionaire told Les Echos on Sunday. “We also hope that the French banks are more in agreement with our proposal which meets all the demands of society,” he explained.
The previous week, Casino had indicated that “the revised offers received will be the subject of an examination by the ad hoc committee of the board of directors and then a presentation to the creditors of the group, under the aegis of the conciliators and the CIRI “the Interdepartmental Committee for Industrial Restructuring, a Bercy service that looks into companies in financial difficulty. All this Monday.
Casino had set July 27 as the deadline to reach an agreement in principle with its main creditors on its crushing debt, announced at 6.4 billion euros at the end of 2022. This, within the framework of an amicable procedure conciliation opened at the end of May and which can last up to five months.
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