2023-07-04 11:07:45
By Le Figaro with AFP
Posted 3 hours ago, Updated 14 minutes ago
One of the offers comes from the billionaires Kretinsky-Ladreit de Lacharrière, the other from the Niel-Pigasse-Zouar trio.
Casino group shares jumped 18.45% to 4.68 euros on the Paris Stock Exchange around 10:30 a.m., after the announcement of two separate proposals to strengthen its equity, one from its shareholders, billionaires Daniel Kretinsky and Marc Ladreit de Lacharrière, the other of the trio of businessmen Xavier Niel, Matthieu Pigasse and Moez-Alexandre Zouari. The value of its parent company, Rallye, advanced by almost 100%, to 1.25 euros around 10:40 a.m. Since the beginning of the year, the price of Casino and Rallye shares have fallen by more than 53% each.
The two proposals will be studied by the board of directors of Casino on Tuesday, then by the creditors of the group on Wednesday, specifies Casino. “No decision on these proposals will be taken» before discussions with creditors. The details of the offers will be officially made public on Wednesday after the close of trading.
Claimants to the rescue or takeover of Casino had until Monday to submit their offers, while the French distributor asked for “grace periodsto not honor certain debts while renegotiating their debt. The group had previously said it hoped “finalize an agreement in principle on the terms of the financial restructuring by July 27“. He wants a massive conversion of his debt into capital, covering more than 3 billion euros of unsecured debt and between 1 billion and 1.5 billion euros of secured debt. The holders of these claims (large banks, funds, institutions, etc.) would thus become Casino shareholders, instead of recovering their money.
The group also wants to be able to at least preserve the activity in France. He hopes for a capital increase “at least 900 million euros“, to have the “adequate liquidityallowing it to carry out its 2023-25 strategic plan.
Two competing offers
For its part, the Niel-Pigasse-Zouari trio, which created a common investment vehicle called “3F“, said in a press release Tuesday planning to invest “with its financial partners» 900 million euros in the Casino group, in financial difficulties. Moez-Alexandre Zouari, a major franchisee of the Casino group in Ile-de-France and a good connoisseur of the world of distribution, is called upon to take “group managementif this offer was endorsed. With a “long-term industrial and social project“, it “benefits from the support of a large group of creditors of the Casino group”, assures the trio.
The other offer for Casino, from billionaire duo Daniel Kretinsky and Marc Ladreit de Lacharrière, proposes a recapitalization of up to 1.8 billion euros in total, including 500 million euros in debt-to-equity conversion. , AFP learned on Tuesday from sources familiar with the matter. The two men, already shareholders of the distributor in difficulty, had previously announced to bring 900 million euros themselves, 750 million from Daniel Kretinsky and 150 million from Marc Ladreit de Lacharrière.
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