For the first time in the history of the fifth republic one of France’s big retail chains will be in foreign hands
In May Casino, collapsing under a mountain of debt, entered talks with creditors, shareholders and the French state to shore up its balance-sheet. Mr Kretinsky, whose existing 10% stake makes him the firm’s second-biggest shareholder, joined forces with Marc Ladreit de Lacharrière, a fellow billionaire whose holding company, Fimalac, is the third-biggest, to present a rescue plan.
Unable to match this proposal, Messrs Niel, Pigasse and Zouari withdrew their bid the following day. They blamed, among other things, unwarranted scepticism towards their offer from Casino’s management. In fact, says Clément Genelot of Bryan, Garnier & Company, an investment bank, the trio put forth a less attractive proposition, with a more meagre capital injection and without explaining where some of the money would come from.
The new bosses will have their work cut out. Mr Genelot thinks that reviving Casino will require a bigger cash injection than the €1.2bn proposed in Mr Kretinsky’s plan. The cost could be nearer €3bn, he reckons. To make its shops more attractive the company needs not just to remodel them but also lower its prices, which are 40% higher than in rival supermarkets as a result of Casino’s desperate effort to boost margins. It must also win back suppliers put off by late payments.
Belgique Dernières Nouvelles, Belgique Actualités
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