PARIS (Reuters) – The board of directors of Casino approved last Friday the signing of a prior agreement with Grupo Calleja, which owns the leading food distribution group in El Salvador, for the sale of its stake in Groupe Éxito, announced Monday the French distributor.
Heavily indebted, Casino announced Thursday that it had signed a “lock-up” agreement on the restructuring of its debt with its main creditors, including Czech billionaire Daniel Kretinsky, in order to avoid bankruptcy after years of acquisitions financed by the debt.
Grupo Pão de Açucar (“GPA”), Casino’s Brazilian subsidiary, which owns 13.31% of Éxito’s shares, is also part of the deal and has agreed to sell its stake, Casino added.
The price offered represents a total of 380 million euros for the direct participation of the Casino group and 148 million euros for the participation of GPA.
The offer will be paid in cash by the buyer, said Casino, who added that the price per share would be reduced by any extraordinary distribution of dividends or any other distribution, payment, transfer of assets or similar transaction carried out by Éxito.
(Written by Diana Mandiá)
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