Kretinsky Increases Stake In French Retailer Casino
Czech investor Daniel Kretinsky has increased his stake in French retailer Groupe Casino to more than 5%, through his Vesa Equity Investment vehicle, operated alongside partner Patrik Tkac.
Vesa's stake in Casino now stands at 5.64% of share capital, up from 4.63% previously.
In a statement, Kretinsky said, "The announcement of this threshold crossing follows our entry into the capital announced on 5 September 2019. It reaffirms our conviction that Casino, Guichard-Perrachon is the best-positioned retail group on the French market and one of the European leaders best able to respond to the profound changes in the sector.
"We continue to give our full support to the management of the Casino, Guichard-Perrachon Group and our confidence in its ability to implement its long-term strategic vision, to which we subscribe."
Kretinsky and Tkac also hold a 29.99% stake in wholesale giant Metro AG, as well as a 40% stake in the Mall Group, an e-commerce venture in central and Eastern Europe.
Commenting on the investment, Jean-Charles Naouri, chairman and CEO of Casino, said that it "once again demonstrates the confidence of professional investors in the sector in our capacity for innovation and execution".
He added that he plans to propose to the board of directors that a representative of Vesa Equity be appointed to the board during the group's next general meeting.
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.