Mobile Casino French – [1/2]The logo of the French retailer Casino is pictured outside the Casino supermarket in Nantes, France, February 2, 2023. /Stephane Mahe
PARIS, June 8 () – A trio of French businessmen prepared on Monday for a new offer for the debt-laden supermarket chain Casino (CASP.PA) after exclusive negotiations between Casino and small store rival Teract (TRACT.PA) collapsed.
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In a joint statement, telecoms billionaire Xavier Niel, investment banker Matthieu Pigasse and businessman Moez-Alexandre Zouari said they are ready to invest funds in the Casino to find a lasting solution to the group’s financial problems.
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This new money comes in the form of a dedicated vehicle, called “3F” (founders, friends and family), which will be invested in the potential sale of Casino shares, sources close to this matter.
Starting with 300 million euros, 3F will seek to collect money from Casino creditors to bring the amount to one billion euros, sources added.
Casino has a consolidated net debt of 6.4 billion euros at the end of last year. It faces 3 billion euros in debt payments over the next two years and the parent company where veteran businessman Jean-Charles Naouri controls the company is also heavily in debt.
In the midst of many concerns about the ability to pay debts, Casino is considering a proposed tie-up of Teract and rival Czech billionaire Daniel Kretinsky.
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But Teract and Casino said that they have decided by mutual agreement to end the exclusive negotiations that have started since March to combine the retail activities of the two groups in France.
In April, Kretínsky, already the Casino’s second largest shareholder, offered Casino control through a capital increase of 1.1 billion euros ($1.18 billion).
Kretinsky’s proposal was backed by investor Marc Ladreit de Lacharrière, whose Fimalac group is now Casino’s third-largest shareholder.
Casino said that the end of negotiations with Teract has no effect on the protocol of intent that Casino announced last month with French rival Groupement Les Mousquetaires and which involved the sale of Les Mousquetaires stores from Casino in France, representing almost 1.05 billion euros. in sales. .
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Reporting by Dominique Vidalon; additional reporting by Mathieu Rosemain and Gus Trompiz, Editing by Susan Fenton and Silvia Aloisi
Mathieu is part of the finance team, which covers French banks and major M&A stories in the country and in Europe. A graduate of the University of Sciences Po, Mathieu previously covered the Tech beat of , after stints at Bloomberg News and the French business daily Les Echos.Casino Group and announced the signing of a strategic memorandum of understanding to seal a major partnership for a fast-growing French commercial. market
By joining forces, Casino Group and demonstrates the joint ambition to become a leading player in the fast on-demand industry in the French and European markets. With this partnership, Casino Group strengthens Monoprix & Franprix Leadership in the city center and further accelerates growth in the French market.
Through this agreement, Casino Group gives access to products from national brands, but also to high-quality products from the Monoprix private label, available through the app and delivered in minutes to customers in Paris, Lille, Bordeaux, Lyon and Nice.
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Casino Group will also rely on unmatched technological and operational expertise. will carry out the packaging and express delivery of orders purchased on the Monoprix and Franprix online platforms from French micro-fulfillment stores.
Casino Group will co-create value through shares in Technologies France as well as Technologies GmbH, at group level in Germany.
“This cooperation between Casino Group and very diverse: by creating an exclusive partnership and acquiring shares in , the leader in fast commerce, Casino Group once again strengthens its omnichannel distribution method, while also continuing to better serve the needs of its customers. This agreement will allow us to offer the best products and services from Monoprix and Franprix to customers in 10 minutes” Says Jean-Charles NAOURI, CEO of Casino Group.
“In their own way, the Monoprix and Franprix brands have constantly changed over the past decades, the way of life and consumption in the city center. more about the delivery time than the geographical location; therefore we respond to this new development. By closing this strategic partnership with , we make it possible for everyone who likes our products to receive them at home in a few minutes, with a guarantee of exceptional delivery quality. Finally, through this alliance, Monoprix and Franprix now provide a wider range of services, thus positioning we are a benchmark player in the field of urban e-commerce” added Jean-Paul MOCHET, Chairman of Monoprix and Chief Executive Officer. from Franprix.
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Kağan SÜMER, Founder and CEO said that “Since the beginning of operations throughout France, we have observed a very positive response from French consumers that highlights the high potential of the market that lies ahead of us. I am happy to announce this positive alliance with one of the most beloved brands in France, and I believe that this is an important milestone for our company that will bring unprecedented value to our community by providing quick access to essential needs.
Pierre GUIONIN, General Manager of France in said that “In , we develop in providing the best experience for our customers, and this strategic partnership with the Casino Group is an exciting opportunity to combine the exceptional quality products of Monoprix and Franprix with the ‘ability of delivery in minutes. . We look continue to work closely with Casino Group to offer this unique fast delivery service to customers in Paris, Lille, Lyon, Bordeaux and Nice”.
Casino Group is an established and important player in the French retail industry as well as the leader of the global food retail market, with more than 11,000 stores worldwide – in France and Latin America. The Group has created a strong, dynamic and complementary brand portfolio, thanks to a workforce of more than 200,000 people driven by a passion for retail and customer service, creating a combined net sales of €31.9bn in 2020. In all the host countries, Casino Group focuses on development in the format with the most potential and the ability to change to meet customer needs, today and in the future. For more information, www.groupe-casino.fr
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