Kretinsky (Metro) also joins French Casino

Kretinsky (Metro) also joins French Casino
thierry
Fri 06/09/2019 – 16:32

Retailer News
Kretinsky (Metro) also joins French Casino

Czech billionaire Daniel Kretinsky has acquired a 4.63 % stake in French retailer Casino, along with his Slovak partner Patrik Tkac. The move comes soon after a failed attempt to get a majority share in the German Metro group.

(Author : Retail Detail)

Tons of debt

Kretinsky calls Casino « the best positioned retail group on the French market » and a « European leader best placed to respond to the profound sector transformations » in a press release. The Czech investor already has a major stake in the Metro group as well as in the German Mall group, an e-commerce company that is active in Central and Eastern Europe. However, his recent attempt to buy the remaining Metro group shares failed.

Casino is suffering from huge debts: the company has announced a two billion euro divestment plan on top of all the activities the group has already sold recently.

« Mr. Kretinsky has extensive experience as an industrial investor, including in the retail sector; his new stake in Casino is further proof of confidence in our ability to innovate and execute« , CEO Jean-Charles Naouri welcomes the new investor. Kretinsky’s company, Vesa Equity Investment, will most likely also get a representative in the French retailer’s board of directors.

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