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In total, Casino separates from more than a hundred of its stores. The distributor, which is experiencing financial difficulties, announced on Friday that it was selling these brands to the Intermarché group, the third player in food distribution in France. This announcement comes in parallel with the formalization of its entry into a conciliation procedure.
Casino plans to sell more than a hundred hypermarkets, supermarkets and convenience stores with a total turnover of 1.15 billion euros including tax. They will be “broken down into two perimeters”, a first part, weighing around 600 million euros in turnover including tax, of which the “first sales will take place by the end of this year”. And a second, weighing 550 million euros in turnover subject to a commitment from Casino to sell them “at the request” of Intermarché, “at the latest within three years”, ” this period may be accelerated by Casino”.
An additional option at… 500 million euros
Casino specifies that, “on the signing of the binding agreements, the Les Mousquetaires group would pay Casino an initial lump sum payment of 100 million euros, which would be deducted from the final price calculated on the market value of the assets”. In addition Intermarché has “undertaken to acquire”, if Casino so requests, “an additional volume of stores representing 500 million euros in turnover”.
This additional option “can be exercised by the Casino group for a period of three years”. During a telephone press briefing, the group’s financial director David Lubek did not specify the number of stores concerned, referring to “mainly supermarkets and hypermarkets located in areas considered non-priority” for Casino, whose heart of activity is located in Ile-de-France, Rhône-Alpes and Provence-Alpes-Côte d’Azur.
A minority stake in the round table
This transfer of stores is a cause for concern for employee representatives because the group structures are different between Casino, an integrated group with significant social dialogue, and Intermarché, where social policy depends on each store owner since the brand is a group of independents.
Casino further specifies that Intermarché “will also participate, under the conditions of minority participation, in the future round table of the Casino group, with an equity investment of up to 100 million euros”. Casino specifies that this agreement is “compatible with the discussions currently underway with Teract on the industrial project initiated a few months ago, as well as with all additional capital operations likely to strengthen the Casino Group’s equity”.
