The battle over the acquisition of Casino took a turn on Sunday with the withdrawal of 3F Holding, while the French retailer, in financial distress, had set the deadline for candidates to submit their revised restructuring offers by the evening of July 14.
Consisting of the three businessmen Xavier Niel, Matthieu Pigasse, and Moez-Alexandre Zouari, 3F announced in a statement that it will not submit an offer to acquire the St. Etienne-based group, citing a lack of information and a “biased” process, and leaving the field open to the rival proposal led by Czech businessman Daniel Kretinsky.
It was expected that Casino would present its revised offers to its creditors early in the week, after publicly revealing on July 4 the content of the offer from 3F and the one combining Czech businessman Daniel Kretinsky with Marc Ladreit de Lacharrière.
On Sunday, 3F stated that it had not received the requested information from Casino regarding “the projection of liquidity and financial results until the end of the year, as well as the results of Cdiscount in the second quarter, and all off-balance sheet commitments weighing on the group.”
Stating in the press release that they had managed to “build a solid offer project” despite “various maneuvers,” 3F explained its withdrawal as a result of its refusal “to participate in a biased process,” claiming that Casino had already “apparently chosen its acquirer.”
This process, added the investment vehicle of the Niel-Pigasse-Zouari trio, “does not provide equal chances to all candidates and the best possible chance for Casino and its employees.”
Casino, whose total debt amounts to 6.4 billion euros, has set a goal of raising at least 900 million euros in new equity.
However, this is only a step in the extensive restructuring plan of the St. Etienne-based retailer, which initiated official negotiations with its creditors at the end of May as part of a conciliation procedure before the courts aimed at restructuring its debt.
Casino management and the mediators appointed by the court have set July 27 as the deadline to reach a principle agreement on the conditions of the financial restructuring.
Last week, Reuters learned from sources familiar with the matter that both sides presented their pricing strategy, revenue and profitability goals, as well as their vision for the group’s stores during a meeting with court-appointed conciliators, representatives of the state, and Casino management.
According to the details of the offers disclosed earlier this month by Casino, Daniel Kretinsky’s proposed plan totals 1.35 billion euros, overshadowing the 900 million euros injection proposed by 3F.
In the press release published on Sunday, 3F stated that it remains “open and available” for the purpose of saving Casino.
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