(AOF) – Casino fell by 3.95% to 1.09 euros after the signing of a preliminary agreement with Grupo Calleja, which owns the leading food distribution group in El Salvador, for the sale of its stake in Groupe Éxito. Grupo Calleja operates under the Super Selectos brand. Grupo Pão de Açucar (GPA), a Brazilian subsidiary of Casino, which owns 13.31% of the shares of Groupe Éxito, is also part of the prior agreement and has agreed to sell its stake as part of the takeover bid.
The price that will be offered under the takeover bid is $1.175 billion for 100% of the outstanding shares, or the equivalent of $0.9053 per share, which represents a total of $400 million (corresponding to 380 million euros on this date) for the direct participation of the Casino group and 156 million dollars (148 million euros) for the participation of GPA. The bid price will be paid by the buyer in cash.
The launch of the takeover bid is subject to the approval of the Financial Superintendency of Colombia and the necessary filings with the United States Securities and Exchange Commission. The takeover bid is expected to close around the end of the year.
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