Czech billionaire seeks control of Casino in US$ 1.2 billion capital increase – 04/24/2023 – Market

Czech billionaire Daniel Kretinsky is offering to take control of debt-ridden French retail group Casino through a €1.1 billion capital increase, challenging a proposed merger between Casino and smaller rival Teract.

Casino is one of the main shareholders of the Brazilian groups Assaí and GPA.

An eventual deal will bring a number of France’s retail brands, such as Monoprix and Franprix, under Kretinsky’s umbrella in the country, where he has increased his exposure in recent years, and offer an outlet for Casino controller Jean-Charles Naouri.

Casino’s e-commerce retail arm, CDiscount, is also widely regarded as a target of Fnac Darty, whose main investor is Kretinsky.

The entrepreneur, who built one of Europe’s largest energy groups over more than a decade in business, has been diversifying into retail, media and other areas.

Casino shares rose 3% on Monday after the news about Kretinsky’s offer, but reversed signs and retreated 2.6% at 10:10 am.

The Casino’s market value is currently around €700 million, up from €11 billion in 2014.

With 3 billion euros in debt maturities in 2024 and 2025, Casino has been selling assets, including a recent transaction involving a portion of its stake in Assaí.