The logo of the French retailer Casino
Casino announced on Monday that it had received “preliminary expressions of interest with a view to acquiring stores in the hypermarket and supermarket perimeter”, confirming information published on Sunday by Les Echos.
“These expressions of interest will be analyzed by the Casino group and the consortium (EP Equity Investment III s.à.rl, Fimalac and Trinity Investments Designated Activity Company) in the coming weeks, it being specified that any transfer operation must be approved in advance by the consortium in accordance with the lock-up agreement dated October 5, 2023,” the group said in a press release.
According to Les Echos, Casino could sell more supermarkets to Intermarché (Les Mousquetaires group), or even sell the balance of its supermarket and hypermarkets to the highest bidder. The daily also cites Carrefour as a potential candidate.
Heavily indebted, Casino signed a “lock-up” agreement in October with its main creditors, including Czech billionaire Daniel Kretinsky, which provides for an equity contribution as well as a reduction in the group’s net debt.
Les Echos reports that the Rallye subsidiary has received expressions of interest for its balance from 291 supermarkets (including 60 franchises) and 52 hypermarkets.
Candidates for takeover must have submitted their offers on Wednesday, specifies the newspaper.
The restructuring of the Saint-Etienne distributor, which provides for Rallye to lose control of the group, must take place by the end of the first quarter of 2024.
(Written by Claude Chendjou and Nicolas Delame)