In an alternative to Casino’s planned merger with French retailer Teract (TRACT.PA), Czech billionaire Daniel Kretinsky is offering a 1.1 billion euro capital raise to acquire control of debt-laden Casino (CASP.PA).
After Moody’s downgraded its long-term debt rating last month, casino shares fell.
Jean-Charles Naouri’s company owes 3 billion euros ($3.3 billion) in 2024–2025.
To reassure investors about its cash generation and debt reduction, it is in exclusive talks to merge its French retail business with Teract, a company founded by billionaire Xavier Niel.
On Monday, Kretinsky’s Czech company EP Global Commerce offered to subscribe to Casino’s 1.1 billion euro capital increase.
According to a source, the capital increase would give Kretinski, Casino’s second-largest stakeholder, with 10%, a 40% interest.
In a second release on Monday, Casino announced that Groupement Les Mousquetaires, owner of Intermarche, had joined the exclusive tie-up talks with Teract.
The Casino said it would review EP Global Commerce’s proposal in the next weeks and continue talks with Teract and Groupement Les Mousquetaires.
