PARIS (Reuters) – Casino launched on Tuesday the sale of part of its stake in the Brazilian supermarket chain Assai, announced last November in order to accelerate its deleveraging.
Casino said it would sell 12.9% of Assai’s share capital, or 174 million shares. The French retailer said the sale was part of previously announced asset disposal plans.
Based on Assai’s closing share price of 16.69 Brazilian reais on March 13, the sale of the stake would be worth approximately 2.9 billion reais (516.76 million euros).
Casino said the amount of the sale could be increased by 80 million ordinary shares, which would represent an additional 5.9% of Assai’s share capital.
Casino has a 30.5% stake in Assai, according to the Brazilian company’s website.
The group also controls Brazilian company Grupo Pao de Acucar and said it will continue selling assets in Latin America this year.
Casino is also in exclusive talks to combine its retail operations in France with Teract.
(Sudip Kar-Gupta report, Augustin Turpin, edited by Jean-Stéphane Brosse)
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