Groupe Casino has signed agreements with Latin American businesses Grupo Pao de Acucar (GPA) and Éxito in view of the forthcoming launch by GPA of an all-cash tender offer on Éxito.
The move comes as part of Casino's simplification plan for its Latin American operations, which eventually will see it own 41.4% of GPA, which itself would control Colombian retailer Éxito and its Uruguay and Argentina subsidiaries.
In a statement, Casino said that it has completed 'the corporate approvals necessary to the launch by GPA of an all-cash tender offer on Éxito and the acquisition by Casino of the shares held by Éxito in Segisor (which itself holds directly and indirectly 99.9% of the voting rights and 37.3% of the economic rights in GPA)'.
Sale Approved
Éxito's board of directors and shareholders have approved the sale to Casino of all shares held by Éxito in Segisor, the company said.
In addition, Casino has signed a pre-agreement with GPA 'pursuant to which (i) GPA shall launch, through a whollyowned subsidiary, an all-cash tender offer to acquire up to 100% of Éxito at 18,000 COP per share and (ii) Casino shall tender its entire stake (55.3%)'.
It has also signed a 'share purchase agreement with Éxito pursuant to which Casino would acquire the shares held by Éxito in Segisor.
© 2019 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.
