PARIS (Reuters) – The agricultural cooperative InVivo wants to have the possibility in the medium term of taking control of the French distribution group currently being negotiated between Casino and Teract, its CEO Thierry Blandinières said on Friday.
Casino, which faces heavy debt, and the food distribution group Teract, of which InVivo is the majority shareholder, announced Thursday evening an exclusive agreement to create a new group in the distribution activities in France.
This new group would be controlled by Casino.
The agreement also provides for the creation of a new entity, called Teract Ferme France, controlled this time by InVivo, in charge of the supply of agricultural, local and short-circuit products.
“We take a minority but we could become a majority tomorrow,” Thierry Blandinières told Reuters.
“It will be a possible option in three to five years,” he added.
Asked whether the possibility of becoming a majority shareholder was a condition for InVivo to conclude an agreement with Casino, he replied in the affirmative.
(Report Gus Trompiz and Sybille from La Hamaide, Blandine Hénault for the French version, edited by Jean-Stéphane Brosse)
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