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Casino Guichard-Perrachon SA (CO.FR) said Tuesday that it has identified around 2 billion euros ($2.22 billion) of assets in France that it intends to sell as part of a two-phase disposal program.
Under the first phase, which should be completed by the first quarter of 2020, Casino plans to sell EUR2.5 billion in assets, of which EUR2.1 billion has already been signed.
The latest group of assets identified will form the second phase of the disposal program and Casino expects to complete the sales by the end of the first quarter of 2021, it said.
Casino Guichard-Perrachon said late Monday that it has raised its offer for the stake in Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PCAR4.BR) that Exito owns through French company Segisor.
The deal is part of the French retailer's plan to simplify the structure of its Latin America operations, a plan it presented in June. Segisor holds 99.9% of the voting rights and 37.3% of the economic rights of GPA. Under the plan, Casino would eventually own 41.4% of GPA, which would itself control Exito and its subsidiaries in Uruguay and Argentina.
The amended offer includes a higher price for each GPA share, with the French company now offering 113 Brazilian reais($28.05) instead of BRL109. It also includes "a partial purchase price matching clause (equal to 80% of the price difference) on the 49.8 million GPA shares that Casino would indirectly acquire from Exito in case of disposal of all or part of such shares above 113 BRL per share within 15 months," it said.
The new offer is valid until August 27.
Under the first phase, which should be completed by the first quarter of 2020, Casino plans to sell EUR2.5 billion in assets, of which EUR2.1 billion has already been signed.
The latest group of assets identified will form the second phase of the disposal program and Casino expects to complete the sales by the end of the first quarter of 2021, it said.
Casino Guichard-Perrachon said late Monday that it has raised its offer for the stake in Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PCAR4.BR) that Exito owns through French company Segisor.
The deal is part of the French retailer's plan to simplify the structure of its Latin America operations, a plan it presented in June. Segisor holds 99.9% of the voting rights and 37.3% of the economic rights of GPA. Under the plan, Casino would eventually own 41.4% of GPA, which would itself control Exito and its subsidiaries in Uruguay and Argentina.
The amended offer includes a higher price for each GPA share, with the French company now offering 113 Brazilian reais($28.05) instead of BRL109. It also includes "a partial purchase price matching clause (equal to 80% of the price difference) on the 49.8 million GPA shares that Casino would indirectly acquire from Exito in case of disposal of all or part of such shares above 113 BRL per share within 15 months," it said.
The new offer is valid until August 27.
