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Casino retailer seeks to buy successful Group unit

The French retail firm plans to restructure its business in Latin America. Currently, Casino controls 55.3% of the Colombian company.

The French Retail Group Casino plans to restructure its business in Latin America, with its Brazilian subsidiary Companhia Brasileira de Distribuição (GPA), buying all shares of the Colombian unit warehouses success. Currently, Casino holds 55.3% of successful Group shares.

Under the restructuring plan, the GPA would use cash to acquire all the shares in Almacenes éxito with a possible purchase price from 16 thousand to 18 thousand colombian pesos per title (5,03 dollars to 5,66 dollars per paper). Casino would acquire all control shares in GPA of successful indirect ownership, published the Thomson Reuters agency.

GPA indicated its initial support for the plan and established an ad hoc committee to consider the proposal. The restructuring would also cause GPA’s shares to migrate to The Novo market segment of Brazil’s Stock Exchange, to a extent that requires it to meet stricter governance standards.

The Board of Directors believes that such a transaction would bring benefits to GPA, with the simplification of the structure in Latin America and a significant improvement in the GPA government, warned GPA in a statement that was placed as relevant information on the success of the Colombian financial Superintendency, published the Colombian media outlet Dinero.

It should be noted that this month, GPA sold its 36% stake in the Brazilian appliance and electronics seller Via Varejo in an auction, raising 2.3 billion reais (about 598.44 million dollars). In addition, the French Retail Group Casino, through its subsidiary, reported that it will request a public offer of shares (OPA) for all shares of the Colombian firm warehouses success.

Success group is pronounced

For its part, Grupo Éxito, in relation to this decision, informed in principle that ” it has not received an offer from Casino, Guichard-Perrachon or any other related party (“Grupo Casino”) regarding the controlling shareholding of GPA that indirectly possesses success”.

In addition, the firm retailer, the colombian stated that in the event that it received a purchase offer for the entirety of its shareholding in GPA, part of the Casino Group, this would be treated as a transaction between related parties and subject to conflict of interest under colombian law and the governing documents and Corporate Success.

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