The European Commission has authorised the consortium comprising EP Equity Investment III s.à.r.l., Fimalac and Attestor to take control of Groupe Casino under merger control, the company said in a statement.
Groupe Casino noted that the completion of its financial restructuring remains subject to the satisfaction, (or waiver, where permitted by the draft accelerated safeguard plan) of several conditions, including authorisation from the French Ministry of Economics to control foreign investments.
Other conditions include a waiver from the Autorité des Marchés Financiers (AMF) of the obligation for the consortium and its members to file a public offer for Casino shares; and authorisation from the European Commission under the Foreign Subsidies Regulation.
The company will also require authorisation by the Luxembourg Insurance Authority for the indirect change of control of Casino RE (the group's reinsurance subsidiary); and approval of the Paris Commercial Court for the accelerated safeguard plans for Casino, Casino Finance, Distribution Casino France, Casino Participations France, Quatrim, Monoprix and Ségisor.
Last week, the retailer announced that a consortium led by Czech billionaire Daniel Kretinsky will own and control 53.7% of French retailer Casino's share capital once a restructuring plan is completed.
Current shareholders will be massively diluted to around 0.3% of the share capital, it added. The statement also cited a report by independent expert Sorgem Evaluation that found the restructuring plan was fair to current shareholders.