HomeEconomyCasino confirms end of talks with Teract, partnerships expected but no merger

Casino confirms end of talks with Teract, partnerships expected but no merger

The Teract and Casino groups have officially announced that they are abandoning their merger proposal.

The Teract group, owned by the agricultural cooperative InVivo, and Casino announced on Thursday that they have decided to abandon their proposed merger in distribution activities in France, as BFM Business announced earlier in the day.

Casino and Teract had been in exclusive talks since March and the end of the exclusive trading period was tonight.

“The Casino Group and Teract, however, remain open to discussions on a possible operating partnership, which could be related to bakery, pastry and pastry products and would also include the conclusion of a contract for the development of the fruit and vegetables with Teract,” Casino said. .

The group received a competitive offer at the end of April from Czech businessman Daniel Kretínský. The latter offered to take control of Casino through a capital increase of 1,100 million euros. Heavily indebted and under pressure from rating agencies, Casino began official negotiations with its creditors at the end of May.

Author: OB with Reuters with AFP
Source: BFM TV

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