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

Published 10/16/2023, 01:49 AM
Updated 10/16/2023, 02:25 AM
© Reuters. FILE PHOTO: A logo of French retailerÊCasinoÊis pictured outside aÊCasinoÊsupermarket in Nantes, France, July 27, 2023. REUTERS/Stephane Mahe/File Photo

PARIS (Reuters) -Indebted French supermarket chain Casino said on Monday it had agreed an initial deal to sell its stake in Latin American retailer Almacenes Exito to Grupo Calleja.

Casino's board on Friday approved a pre-agreement to sell its entire stake in Almacenes Exito to Grupo Calleja, a leading grocery retailer in El Salvador, it said.

Casino is in the midst of a restructuring after years of debt-fuelled acquisitions had brought it to the verge of default.

It said on Monday it will receive $400 million from the sale of its stake in Almacenes Exito, at a price of $0.9053 per share, while its unit Grupo Pao de Acucar (GPA), which also has a stake, will receive $156 million.

© Reuters. FILE PHOTO: A logo of French retailerÊCasinoÊis pictured outside aÊCasinoÊsupermarket in Nantes, France, July 27, 2023. REUTERS/Stephane Mahe/File Photo

The buyer will pay in cash, Casino said.

The price per share may be reduced by extraordinary dividend distributions, asset transfers or similar transactions made by Exito, Casino added in a statement.

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