The Casino group announces that it has obtained approval from Bercy for the operation “under the control of foreign investments” (AFP/Archives/Damien MEYER)
The Casino group, engaged in the restructuring of its debt and its takeover by a trio made up of billionaires Daniel Kretinsky and Marc Ladreit de Lacharrière as well as the British fund Attestor, announced Monday that it had obtained approval from Bercy for the operation “at under the control of foreign investments.
The distributor in serious financial difficulties announced Monday in a press release “that the French Ministry of the Economy rendered its decision on January 11, 2024 authorizing, under the control of foreign investments in France, the takeover of the group within the framework of its financial restructuring by the consortium of buyers.
“The acquisition vehicle of the consortium (France Retail Holdings) will be controlled by EP Equity Investment III s.à rl, a company controlled” by Czech billionaire Daniel Kretinsky, further indicates Casino, which recalls that several authorizations must still be granted before the completion of the operation, expected for March/April.
It must still obtain, in particular, the approval of various competition authorities “other than the European Commission”, which gave the green light at the beginning of January on these questions; the authorization by the Luxembourg Insurance Authority of the indirect change of control of Casino RE (the Group’s reinsurance subsidiary); or even authorization from the European Commission on questions of foreign subsidies.
The Paris commercial court will have to rule on February 5 on the examination of the draft accelerated safeguard plan, the judicial administrators at the group’s bedside had specified at the end of the previous week. Casino’s accelerated backup period will end on February 25.
The various capital increases must then take place in March and a general meeting of new shareholders must immediately decide on the new composition of the board of directors.
Creditors and shareholders of Casino unsurprisingly endorsed the group’s safeguard plan negotiated in recent months the previous week, which allows the distributor, which at the end of 2022 still had 200,000 employees worldwide including 50,000 in France under various brands (Casino, Monoprix , Franprix or CDiscount), to move forward with the restructuring of its unsustainable debt.
© 2024 AFP
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