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Retail

Casino Poised To Sell Leader Price Unit To Aldi - Les Echos

By Dayeeta Das
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Casino Poised To Sell Leader Price Unit To Aldi - Les Echos

French supermarket retailer Casino is poised to sell its Leader Price unit to its German low-cost competitor Aldi in a deal estimated at €400 million, French daily Les Echos reported on Thursday.

Casino said last month it was targeting the sale of €2 billion ($2.2 billion) worth of assets in addition to the €2.5 billion initially sought to reduce its debt burden. The retailer has mandated BNP Paribas to handle a possible deal, the newspaper added.

Casino declined to comment.

Shares in Casino were up 2.4% percent at 1300 GMT, outperforming the bluechip CAC 40 index (+0.56%).

Price War Among Supermarkets

Casino has been struggling in France, where a price war among supermarkets has dented retailers' profit margins.

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Its parent company Rallye, also highly indebted, was placed under protection from creditors in May.

Earlier this month, Czech businessman Daniel Kretinsky and Slovak partner Patrik Tkac bought a 4.63% stake in Casino in a show of support for CEO and controlling shareholder Jean-Charles Naouri.

News by Reuters. Click subscribe to sign up to ESM: European Supermarket Magazine.

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