Billionaire Daniel Kretinsky makes bid for Casino
Czech nvestor Daniel Kretinsky wants to take control of the struggling French retail group Casino with a capital increase. However, the retailer itself is in talks with Intermarché about a deeper partnership.
Gaining control
Casino is buckling under a debt of some 4.5 billion euros. EP Global Commerce, Kretinsky’s investment fund, wants to add 750 million euros into the ailing French retail group’s capital. The fund also wants to give existing shareholders the chance to subscribe to a capital increase totalling another 350 million euros. This would potentially allow the investor, which already holds 10.1 % of Casino’s shares, to take control of the group.
In a response, Casino said it will analyse this proposal, but the retailer pointed out that the proposed transaction would lead to “very significant” dilution for existing shareholders. The group is considering requesting the appointment of mediators. Moreover, Kretinsky’s offer is very conditional: creditors and French authorities must agree. The question is also what CEO Jean-Charles Naouri, currently still the largest shareholder, thinks about the offer.
Cooperation with Intermarché
To complicate matters further, Casino announced on Monday morning that it is in talks to expand its purchasing cooperation with the Groupement des Mousquetaires (Intermarché) into the planned joint venture with agri-food group Teract. That new structure would also plan to sell some hundred stores to Intermarché in the coming years, which together account for sales of at least 1.1 billion euros. The Musketeers would also become minority shareholders.
Related news
Casino announces Morocco expansion with 210 stores
🎧 Hallgasd a cikket: Lejátszás Szünet Folytatás Leállítás Nyelv: Auto…
Read more >Picnic joins forces with Intermarché in France
🎧 Hallgasd a cikket: Lejátszás Szünet Folytatás Leállítás Nyelv: Auto…
Read more >Mercadona Becomes Fourth Largest Retailer In Portugal
🎧 Hallgasd a cikket: Lejátszás Szünet Folytatás Leállítás Nyelv: Auto…
Read more >Related news
There are both positives and negatives in the new Hungarian certificate
🎧 Hallgasd a cikket: Lejátszás Szünet Folytatás Leállítás Nyelv: Auto…
Read more >KSH: In the second quarter of 2025, the economic performance exceeded the second quarter of 2024 by 0.2 percent
🎧 Hallgasd a cikket: Lejátszás Szünet Folytatás Leállítás Nyelv: Auto…
Read more >Consumer price inflation accelerated in the euro area in August
🎧 Hallgasd a cikket: Lejátszás Szünet Folytatás Leállítás Nyelv: Auto…
Read more >