The trio of businessmen Xavier Niel (Free), Matthieu Pigasse and Moez-Alexandre Zouari (Fnac-Darty) presented an offer of one billion euros to raise the capital of the distributor in difficulty Casino, learned the Agence France-Presse on Tuesday from sources familiar with the matter, which confirm information from the Challenges media.
In this investment, 300 million euros will be invested directly by the “3F” investment vehicle of the three businessmen and founders of Teract, details Challenges, the accuracy of which was confirmed to AFP by a source close to the case.
In a press release, they then explained that they wanted “a strengthening of the Casino group’s equity and, to the extent necessary, an adaptation of the existing debt to the group’s capacities and the preservation of its growth potential”. Casino is currently in conciliation proceedings for a period of four months in order to renegotiate its large debt of 6.4 billion euros for Casino and around 3 billion for its parent company Rallye.
This amicable procedure, which leaves the management of the group in charge – unlike a situation of receivership, for example – should make it possible to conclude an agreement with the creditors with a view to restructuring the debt.
The mark of interest filed by the trio Niel, Pigasse, Zouari competes with Czech billionaire Daniel Kretinsky, who intends to take control of Casino and who had proposed to certain creditors to draw a line under part of the debt in exchange for either cash, either stocks or both. And this, up to approximately 40% of the receivables. Contacted by AFP, Mr. Kretinsky’s spokesman declined to comment.