2023-07-11 18:16:04
The Minister of the Economy, Bruno Le Maire, judged “solid” the two takeover offers from the distributor in financial difficulty Casino. Without ” to take part “he indicated, on Tuesday July 11, during questions to the government in the National Assembly, that “the State will be vigilant on employment” and on maintaining the “headquarters in Saint-Etienne”.
Questioned by the deputy of the Loire Quentin Bataillon (Renaissance), the Minister of the economy spoke for the first time on the future of Casino, which “has been experiencing major operational and financial difficulties for several months”. In particular, he estimated that the group’s employees – 200,000 worldwide, including a quarter in France – “do not have to pay for any mistakes that may have been made by management”.
Read also: Article reserved for our subscribers Casino gives up on international business, with the planned sale of Pao de Açucar in Brazil
Regarding the takeover offers, one from the duo of billionaire shareholders of the distributor Daniel Kretinsky (indirect shareholder of the Monde) and Marc Ladreit de Lacharrière, the other of the Xavier Niel trio (also an individual shareholder of the Monde), Matthieu Pigasse (manager of the Le Nouveau Monde holding) and Moez-Alexandre Zouari, the Minister of the Economy indicated that “Two proposals have been made, both are solid, but the state does not have to take sides with one proposal or another”.
State aid that will have to be repaid
It specifies that the State will have “two points of attention, the solidity of the industrial project” on the one hand, and on the other employment, in particular “the future of the group’s 50,000 employees” in France, as well as “the future of the group’s 1,500 employees in Saint-Etienne”. “There is no question that the historic headquarters of the group will be threatened by the takeover, regardless of the buyer who will be chosen”further estimated Bruno Le Maire.
Read also: Article reserved for our subscribers On the edge of the abyss, Casino receives two takeover offers
He recalled that the State had granted the distributor a deferral of social and tax charges, totaling around 300 million euros, due for the period from May to September 2023. “This aid will have to be reimbursed by the buyers to the State”said the minister.
Casino, which is celebrating its 125th anniversary in this uncertain context, entered the conciliation procedure at the end of May until October 25 at the latest, in order to renegotiate with its creditors its debt, which amounts to 6.4 billion euros. of net debt.
Read also: Article reserved for our subscribers “Guilty complacency towards the CEO of Casino, Jean-Charles Naouri, delayed the moment of truth”
#State #vigilant #employment #maintenance #headquarters #SaintEtienne #affirms #Bruno #Maire