2023-06-13 21:44:10
They go on the offensive. The trio of businessmen Xavier Niel (Free), Matthieu Pigasse and Moez-Alexandre Zouari (Fnac-Darty) presented an offer of one billion euros to raise the capital of the distributor in difficulty Casino, indicated on Tuesday sources familiar with the matter, confirming information from Challenges.
300 million euros will be invested directly from the pocket of the three businessmen and founders of the Teract distribution group via the “3F” investment vehicle, specifies Challenges, information also confirmed by a source familiar with the matter. The purpose of the operation is to strengthen Casino’s equity and help it cope with its abysmal debt. The rest will come “likely from other Casino investors, shareholders and creditors,” according to the Challenges article. The Casino group declined to comment on this offer.
“To bring out a lasting solution”
On June 8, the three businessmen had already indicated that they were working “to bring about a lasting industrial and financial solution for the Casino group”. In a press release, they had explained that they wanted “a strengthening of the Casino group’s equity and, to the extent necessary, an adaptation of the existing debt to the group’s capacities and the preservation of its growth potential”.
Casino is currently in conciliation proceedings for a period of four months in order to renegotiate its large debt of 6.4 billion euros for Casino and around 3 billion for its parent company Rallye. This amicable procedure, which leaves the management of the group in charge – unlike a situation of receivership for example -, must make it possible to conclude an agreement with the creditors for a restructuring of the debt.
The mark of interest filed by the trio Niel, Pigasse, Zouari competes with the Czech billionaire Daniel Kretinsky, who intends to take control of Casino and who had proposed to certain creditors to draw a line under part of the debt in exchange, either cash, either stocks or both. And this, up to approximately 40% of receivables. Daniel Kretinsky’s spokesperson declined to comment.
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