Carrefour: still has eyes on Casino
(CercleFinance.com) - According to BFM Business, the French retailer Carrefour has "for several weeks" been looking into buying its competitor Casino, which has been placed in a safeguard procedure.
As a result, the Casino share is up 2.5% in Paris this morning, and has therefore recovered 55% over one year.
Led by Alexandre Bompard, Carrefour appears to have been thinking about this for about a year now, remembering the sales of stores required to get the go-ahead from competition authorities.
A public exchange offer (exchange of shares) of between 4 billion and 4.2 billion euros has been mentioned, i.e. 25% above Casino's value at the end of June. This represents a big premium to try to seduce Casino's banks rather than its main shareholder, Jean-Charles Naouri, who would probably be hostile to this concentration, BFM Business believes.
However, Carrefour is still hesitating, especially since a holding company controlled by Czech businessman Daniel Kretinsky has taken a stake of almost 5% in Casino's capital.
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