The Casino distribution group, which is seeking liquidity and is in talks to reduce its debt, announced on Friday that it sold its 11.7% stake in the Brazilian brand Assai at a price of 404 million euros.
The principle of this sale was disclosed on Thursday and concerned nearly 158 million Assai shares, from which Casino had recently phased out.
The distributor specifies in a press release this Friday that it has completed the operation, for 404 million euros. The net product of the balance of its participation amounts to Casino 326 million after costs and taxes.
Assai is a “cash&carry” brand, specialized in wholesale for professionals and individuals, and was considered the nugget of the group.
This sale, which is supposed to “strengthen” the liquidity of the company, comes at a time when Casino, in financial difficulties, is looking for liquidity in all directions.
€404 million
On Wednesday he announced that he had the agreement of the State for a deferral of social and tax charges, for a total amount of around 300 million euros.
And at the same time, Casino asks creditors to suspend until October 25 the payment of interest and debt maturities owed by the group and its subsidiaries. That is a total of 200 million euros.
The group, which employs more than 200,000 people worldwide, including a large quarter in France, has also begun selling 119 stores to its competitor Intermarché.
Casino’s objective is to “preserve its liquidity throughout the conciliation period”, that is, the discussions with its creditors to reduce its debt, which will end no later than October 25.
Casino, however, aims to reach an agreement on its debt restructuring “at the end of July.”
The group is also the object of approaches from several suitors, on the one hand the Czech billionaire Daniel Kretinsky and the financier Marc Ladreit de Lacharrière, shareholders of the distributor, and on the other a trio of businessmen, Xavier Niel (Free), Matthieu Pigasse and Moez -Alexandre Zouari.
Source: BFM TV
