2023-06-13 20:47:04
The trio of businessmen Xavier Niel (Free, also individual shareholder of the Monde), Matthieu Pigasse (manager of the Le Nouveau Monde holding company) and Moez-Alexandre Zouari presented an offer of one billion euros to raise the capital of the struggling distributor Casino. Sources familiar with the matter confirmed to Agence France-Presse (AFP) on Tuesday June 13 information published in the media Challenges stating an offer “filed with the group’s management, which will inform the board of directors”.
In this investment, 300 million euros will be invested directly by the “3F” investment vehicle of the three businessmen and founders of Teract, details Challenges, the accuracy of which was confirmed to AFP by a source familiar with the matter. The rest will come “probably other investors, shareholders and creditors of Casino”according to the article of Challenges. Contacted by AFP, the Casino Group declined to comment.
On June 8, the three founders of the Teract distribution group had already announced that they were working “to create a sustainable industrial and financial solution for the Casino Group”. In a press release, they then explained that they wanted “reinforcement of the Casino Group’s equity and, to the extent necessary, adaptation of the existing debt to the group’s capacities and the preservation of its growth potential”.
Debt of 6.4 billion euros for Casino
Casino is currently in conciliation proceedings for a period of four months in order to renegotiate its large debt of 6.4 billion euros for Casino and around 3 billion for its parent company, Rallye. This amicable procedure, which leaves the management of the group in charge – unlike a situation of receivership, for example – should make it possible to conclude an agreement with the creditors with a view to restructuring the debt.
The mark of interest registered by the trio Niel, Pigasse, Zouari (important franchisee of the Casino group) competes with the Czech billionaire Daniel Kretinsky (indirect shareholder of the Monde), which intends to take control of Casino and which had proposed to certain creditors to draw a line under part of the debt in exchange, either for cash, or for shares, or for both. And this, up to approximately 40% of receivables. He offered to provide the distributor with 750 million euros as part of a capital increase. Contacted by AFP, Mr. Kretinsky’s spokesman declined to comment.
The trio of investors has been looking at the future of Casino for some time now: the agro-industrial juggernaut InVivo and its subsidiary Teract negotiated for months a possible merger between the two entities, before announcing Thursday the abandonment of this project. The group, which employs 200,000 people worldwide, including a large quarter in France under many brands including Monoprix, Franprix or Pao de Açucar in Brazil, also wants to sell a hundred supermarkets and hypermarkets to the Intermarché group.
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