Heavily in debt, is the Casino distribution group about to change hands?

Casino is the story of a group in debt to the tune of, it is said, six billion euros and which has been looking for the exit door for years. The group now employs 200,000 people worldwide, around a quarter of them in France, and its capitalization is now lower than the value of its distribution activities. A quick reaction is essential.

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The Czech billionaire Daniel Kretinsky therefore proposes to bail out the coffers of Casino via a capital increase. The arrangement would be as follows: 750 million euros contributed by himself, 150 million by the French businessman Marc Ladreit de Lacharrière – who would accompany him in this operation – and 200 million at the discretion of the other shareholders, that is more than one billion euros in total. Enough to help with the restructuring of Casino’s debt, but this would imply a change at the head of the empire controlled and directed by Jean-Charles Naouri via Rallye, the parent company. Daniel Kretinsky is already a 10% Casino shareholder, but could become the very first and therefore reign supreme.

Nothing is won for the Czech billionaire

Jean-Charles Naouri is on the move and has more than one trick up his sleeve. Casino is indeed in parallel discussion with Intermarché. Negotiations relate to the rapprochement with a third group, the owner of Jardiland and Gamm Vert. A complex assembly which would offer the advantage of deepening the alliance which exists today between Casino and Intermarché on the group purchasing policy.

Casino is in the process of preparing two exit doors to stem its problems of over-indebtedness. Is it the end of the Naouri empire that some predict? Let’s not go too fast. But for Daniel Kretinsky, becoming Casino’s largest shareholder would be an additional milestone in his strategy of conquest in France. Since 2018, the 47-year-old billionaire has already invested in the media: TF1, Le Monde, Marianne, Elle, Télé 7 Jours… but also in distribution at Fnac Darty in particular. Latest move: he is about to get his hands on Editis, number two in publishing in France.