Casino becomes target of battle of billionaires after receiving new offer

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Jean-Charles Naouri is on the verge of losing 30-year control of debt-ridden Casino unless he can raise the cash to tackle rival bids for the French retailer, investment bankers and analysts say. In Brazil, Casino is the largest shareholder of GPA, owner of the Pão de Açúcar chain and Assaí.
French tycoon Xavier Niel and Czech billionaire Daniel Kretinsky are involved in two competing €1.1 billion bids for Casino, which has a current market value of just €700 million.
"At this stage, this is not a firm offer, but a preliminary expression of interest that may not be successful. The group will study this expression of interest and keep the market informed."Casino said in a statement this Wednesday (14).
Both deals involve restructuring Casino’s €6.4 billion debt, a process in which leading French banks BNP Paribas, Crédit Agricole and Natixis will weigh in.
Casino said in an April 24 statement that the €1.1 billion bid led by Kretinsky will lead to a loss of control of Casino and a very significant dilution of existing shareholders.
Casino shares soared more than 20% on Wednesday. Read more (06/14/2023 – 13:56)

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