Groupe Casino has said that it has 'taken note' of the positive recommendation by the board of Colombia's Éxito, to facilitate the French group acquiring Éxito's 50% stake in Segisor, one of its subsidiaries.
The recommendation precedes an extraordinary general meeting of Éxito shareholders on 12 September, at which Groupe Casino's plans to acquire the stake will be authorised.
The move is seen as a milestone in Groupe Casino's bid to simplify its Latin American operations.
According to a Groupe Casino statement, the 12 September meeting will see 'Éxito’s Board of Directors a) deliberate and decide on the approval of the proposed acquisition, b) approve the proposed acquisition and c) authorize Éxito’s CEO and/or any other legal representative, to execute, without restriction, the proposed acquisition on Éxito’s behalf.'
Groupe Casino's simplification project remains subject to certain regulatory and government approvals, Casino added.
© 2019 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