A Casino supermarket, June 12, 2023 in Laventie, in Pas-de-Calais (AFP / DENIS CHARLET)
The Financial Markets Authority (AMF) on Wednesday granted an exemption to the distributor in serious financial difficulties, Casino, which could allow a consortium led by billionaire Daniel Kretinsky to restructure its debt.
“The Financial Markets Authority granted, in its meeting of January 9, 2024, the exemption from the mandatory filing of a proposed public offer targeting the securities of the company Casino,” wrote the French stock market watchdog in a document issued public Wednesday.
The consortium will therefore not have to submit a proposed public offer for Casino shares.
To justify Casino’s “proven situation of financial difficulty”, the AMF invoked in its conclusions “the sharp deterioration in the group’s half-year results”, its very significant debt, as well as the existence of a successful conciliation procedure. when opening an accelerated backup procedure.
The distributor reacted in a press release, recalling that the completion of its financial restructuring remained subject “to the satisfaction” of several conditions: the approval of various competition authorities “other than the European Commission”, which gave its approval green at the beginning of January on these questions; authorization from the Ministry of the Economy on foreign investments and from the European Commission on questions of foreign subsidies.
The group adds that it also requires authorization from the Luxembourg Insurance Authority for the change of indirect control of Casino RE (the group’s reinsurance subsidiary) and the “decree of the accelerated safeguard plans of Casino, Casino Finance , Distribution Casino France, Casino Participations France, Quatrim, Monoprix and Ségisor by the Paris Commercial Court”.
Casino signed an agreement in July providing for the restructuring of its debt and a change in shareholding by March-April 2024.
The judicial administrators at the head of the group have summoned shareholders and creditors “to decide” by January 11 “on the projects for an accelerated safeguard plan”.
They must in particular vote on Thursday on the capital increase project by the takeover candidates, which will significantly dilute the stakes of current shareholders.
The plan also provides for a significant reduction in debt, around 5 billion euros, harming the group’s creditors.
At the same time, the Saint-Etienne distributor entered into “exclusive negotiations” in December with Intermarché and Auchan to sell “almost all” of its large store network, hypermarkets and supermarkets.
This worries the representatives of the group’s employees, who, united as an inter-union, have filed a new strike notice from January 9 to February 5, according to a press release from this inter-union (FO, CGT, CFDT, UNSA and CFE-CGC) published Monday.