French retailer Groupe Casino has ended talks over a potential tie-up with Teract, by mutual agreement.
The two groups entered into talks in March aimed at 'creating a French leader in responsible and sustainable retail activities', Casino said in a statement, which would involve the two groups' retail activities merging together and the establishment of a common supply chain network alongside the InVivo group, Teract's majority shareholder.
Discussions
Following the end of an exclusivity period, which was renewed on 24 April, the two groups have decided to 'no longer pursue these discussions', Casino said.
At the same time, however, the two groups remain 'open to discussions' on a potential commercial partnership covering baked goods and fruit and vegetables, the retailer added.
Talks With Les Mousquetaires
It also noted that the end of the discussions with Teract 'has no impact' on Casino's proposed agreement with Groupement Les Mousquetaires, under which it plans to sell a number of stores to the Intermarché owner.
These stores are to be offloaded in two tranches – the first, valued at €549 million, is due to be completed by the end of the year, while the second, valued at €502 million, will be completed within the next three years.
Read More: Groupe Casino To Sell Some French Stores To Groupement Les Mousquetaires
'Lastly, it should be noted that the conciliation procedure opened on May 25, 2023 for Casino Guichard Perrachon SA and certain of its subsidiarie1 is proceeding according to schedule and Casino Group is continuing to examine the proposal from EP Global Commerce a.s. announced on April 24,' Casino said.
© 2023 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.
