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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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French retailer Casino agrees to an initial deal to sell stake in Exito Group

A logo of French retailer Casino is pictured in Nantes, France, May 10, 2023. REUTERS/Stephane Mahe/... A logo of French retailer Casino is pictured in Nantes, France, May 10, 2023. REUTERS/Stephane Mahe/File Photo
A logo of French retailer Casino is pictured in Nantes, France, May 10, 2023. REUTERS/Stephane Mahe/... A logo of French retailer Casino is pictured in Nantes, France, May 10, 2023. REUTERS/Stephane Mahe/File Photo

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Casino, a heavily indebted French grocery operator, announced on Monday that it had reached an early agreement to sell Grupo Calleja its investment in the Latin American retailer Almacenes Exito (IMI.CN).

A pre-agreement to sell Casino’s whole investment in Almacenes Exito to Grupo Calleja, a major grocery store in El Salvador, was authorized by the board of directors on Friday, according to the company.

The Casino is reorganizing after years of debt-fueled acquisitions nearly put it in default. The company said on Monday that it would get $400 million from the sale of its holding in Almacenes Exito, valued at $0.9053 per share and that another stakeholder, Grupo Pao de Acucar (GPA) (PCAR3.SA), will receive $156 million.

According to Casino, the buyer will pay in cash. The price per share may be affected by unusual dividend payments, asset transfers, or other Exito business.

Although the full effects of this deal on the stock market have not yet been felt, they have already been felt in the financial community. Analysts and investors are keeping a careful eye on the issue since it might impact the stock prices of other industry participants and Casino and Exito Group.

The partnership between Casino and Exito Group is evidence of the retail industry’s constantly changing dynamics. Observing how the purchase affects the future of businesses and the larger retail industry will be fascinating when more information about it becomes available. Watch this space for updates on this groundbreaking development that might completely alter the retail industry.


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