2023-06-29 23:02:57
Casino shareholders are preparing to take a big slide. The distributor, whose market share fell to 6.1% in the first quarter and in difficulty in the price war, expects offers of equity contribution before Monday, July 3. But the Casino group warned Wednesday evening that, “whatever the final restructuring plan”, the shareholders will be heavily harmed.
Concretely, Casino, indebted to the tune of 6.4 billion euros (its parent company Rallye being so for 3 billion euros), intends to convince its creditors to transform 4.6 to 5.1 billion of debt into new shares. , which, in fact, will lead to the dilution of the historical shareholders and mark the end of Jean-Charles Naouri’s hold on the group.
Along with the arrival of equity from investors to the tune of at least 900 million in interest. For this, two expressions of interest have been publicly issued: that of the Czech billionaire Daniel Kretinsky, already a Casino shareholder, and that of the trio of businessmen Xavier Niel (Free), Matthieu Pigasse and Moez- Alexandre Zouari.
Verdict before the end of July
A process similar to that in which Orpea is engaged, whose situation wavered after the publication of the book “Les Fossoyeurs” by Victor Castanet. As part of the restructuring of the retirement home giant, the arrival of a group of investors led by the Caisse des dépôts et consignations (CDC), validated by the various parties this week, will thus dilute the participation of shareholders. at around 0.04% of the capital. With a theoretical value of around 0.02 euro per share against 2.21 euros on Tuesday evening.
Casino’s announcement to convert 4.6 to 5.1 billion of debt into capital immediately caused the group’s stock market share to fall by more than 30%, ending the day Thursday at 5.09 euros. Pending further details on the restructuring plan, the analyst Oddo BHF expects a target price of 1 euro. While preparing for much worse. “For information, on the basis of an initial Orpea-type dilution of 99%, followed by a capital increase of 900 million euros, the theoretical price target would come out at 0.06 euro”, warned the expert.
The 125-year-old group, which employs more than 200,000 people worldwide, including a large quarter in France, hopes to “finalize an agreement in principle on the terms of the financial restructuring by July 27”.
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