In great financial difficulties, the Casino group will see more clearly this Monday on its future. Crushed by a debt of 6.4 billion euros, the distributor known for its Casino, Franprix, Monoprix or Leader Price brands has set July 3 as the deadline for its potential suitors to submit their takeover offers. A crucial step for the group, currently in the conciliation procedure to find 900 million euros and restructure a debt that has become unsustainable.
If the possibility of a third way is not excluded, two buyers have already made their intentions public. First of all, the Czech billionaire Daniel Kretinsky accompanied by Marc Ladreit de Lacharrière, already shareholders of Casino up to 10% and 12%, and who would bring 900 million euros on their own, within the framework of an increase in capital of more than 1 billion euros.
On the other, the trio Xavier Niel, Matthieu Pigasse and Moez-Alexandre Zouari, who would bring together, via their 3F investment vehicle, up to 300 million euros. Creditors, for their part, are called upon to contribute most of the 1.1 billion euros that 3F wants to raise.
Time is running out for the distributor whose hypermarkets and supermarkets burn a lot of cash. Their financial situation has deteriorated sharply in recent months, under the effect of the pricing policy applied by Casino in 2022. While Daniel Kertinsky considers it necessary to refocus the group’s activity on proximity, Casino has set the criteria with regard to which the equity contribution offers will be examined.
Among them are the preservation of employment and the integrity of the group. The preliminary agreement signed with Prosol (Grand Frais) on Friday evening thus aims to ensure the future of Casino hypermarkets and supermarkets even after Jean-Charles Naouri has lost control of his group. Having the fresh departments of its stores operated by Prosol should thus improve both traffic and profitability, according to Casino. And therefore convince aspirants to its control to keep them in the bosom of the group.
