2023-10-02 19:33:00
A Casino sign in Beaussais-sur-Mer (Côtes-d’Armor), July 5, 2023. DAMIEN MEYER / AFP
A new step in the rescue of the Casino group (Monoprix, Franprix, Naturalia, CDiscount, etc.) was reached on Monday October 2. The Saint-Etienne distributor and the Les Mousquetaires group announced that they had completed the sale of 61 stores in France – generating 563 million euros excluding taxes in turnover in 2022 – and having extended their partnerships to purchasing and supplies. The supermarkets and hypermarkets which closed the curtain on Saturday will reopen on October 16 under the Intermarché or Netto brand. A sale whose amount has not been revealed but which amounts to several hundred million euros, and which is based on a “enterprise value of 209 million euros including gas stations”corresponding to the free cash flow generated by these stores.
Seventy-two other Casino points of sale (510 million euros turnover excluding taxes) will also switch within three years, according to the agreements signed on September 30. “From 16% today, our market share would rise to 17%,” even before the reorganization of the stores, Thierry Cotillard, president of the Mousquetaires, said on Monday. It could even reach 18%, if Casino decides within three years to sell it a third bouquet of 62 businesses (representing 437 million euros in turnover excluding taxes) – as provided for in a purchase promise signed by Les Mousquetaires – which would bring the total to 195 stores. “The new governance of Casino will press the button or not”declared Mr. Cotillard, announcing at the same time the takeover of 13 Tridôme DIY stores and garden centers (150 million euros in turnover including tax) from the Albert group.
This external growth operation was concluded on May 26, in the midst of the takeover of the Casino group. At the end of an epic battle, the duo Daniel Kretinsky – Marc Ladreit de Lacharrière, supported by the British hedge fund Attestor, won the game on July 28, to the great dismay of the Moez-Alexandre Zouari clan, Xavier Niel and Matthieu Pigasse ( both individual shareholders of the Monde).
Read the decryption: Article reserved for our subscribers The challenges of Daniel Kretinsky, new master of Casino
The agreement provided for the conversion of debts into shares, aiming to erase 4.7 billion euros of financial debt and a recapitalization of 1.2 billion euros, including 925 million provided by the buyers.
Accelerated backup procedure
At the end of these operations, the trio EP Global Commerce (the investment company of Czech billionaire Daniel Kretinsky), Fimalac (the holding company of Marc Ladreit de Lacharrière), and Attestor were to own 53% of the distributor’s capital. Jean-Charles Naouri, the founder and majority shareholder of the Casino group, now only holds 0.15% through the parent company, Rallye, itself in conciliation proceedings with its creditors.
You have 29.43% of this article left to read. The rest is reserved for subscribers.
#Casinos #rescue #plan #clearer #sale #stores #Intermarché