Subscribe Login
DE4CC0DE-5FC3-4494-BCBF-4D50B00366B5
Retail

Groupe Casino Disposes Of Stake In Colombia’s Éxito Group

By Dayeeta Das
Share this article
Groupe Casino Disposes Of Stake In Colombia’s Éxito Group

Groupe Casino has completed the sale of its 34.05% direct stake in Colombian subsidiary Éxito Group.

Grupo Pão de Açucar (GPA), a Brazilian company controlled by Groupe Casino, also contributed its 13.31% stake in Éxito to the bids, the French retailer noted in a statement.

The initiative is part of tender offers launched in the United States and Colombia by the Calleja Group for the share capital of Almacenes Éxito S.A.

The Calleja Group acquired 86.84% of the share capital of Éxito, the retailer added.

As part of this transaction, Groupe Casino received gross proceeds of US$400 million (€367.9 million) and GPA received US$156 million (€143.5 million).

ADVERTISEMENT

Groupe Casino and GPA no longer own any equity interest in Éxito Group following this transaction, the company added.

French Large-Format Store Disposal

Earlier this week, the French retailer reached agreements with Auchan Retail and Intermarché parent company Groupement Les Mousquetaires on the sale of ‘almost all’ of its hypermarkets and supermarkets.

Casino added that these agreements provide for the sale of 288 stores (and the service stations attached to these stores), based on an enterprise value of between €1.3 billion and €1.35 billion ($1.42 billion to $1.47 billion).

Thierry Cotillard, president of Groupement Les Mousquetaires, and Yves Claude, chairperson and CEO of Auchan Retail, stated, “This operation marks a strategic shift in the distribution sector in France and for our companies.

“The relaunch of stores will make it possible to offer consumers modernised points of sale with quality products at more attractive prices, an action reinforced by the purchasing alliance currently being formed between our two companies.”

Get the week's top grocery retail news

The most important stories from European grocery retail direct to your inbox every Thursday

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our terms & conditions and privacy policy. You can unsubscribe at any time.