2023-05-17 04:33:51
Teract is ready to contribute a few hundred million to counter Daniel Kretinsky’s offer. The owner of Free would largely finance these funds for the takeover of Casino, Monoprix and Franprix.
Bidding is on for the takeover of Casino. Ten days ago, the Czech businessman Daniel Kretisnky said he was ready to inject 750 million euros into the distribution group. A coup while Casino has been negotiating for three months with Teract. The project led by Moez Zouari, which brings together brands and agricultural cooperatives from In Vivo, plans to provide 300 million euros with Intermarché, Casino’s partner.
But to win the bet, Teract is ready to invest. According to our information, the founders of the group are ready to pay “a few hundred million euros” to get closer to Daniel Kretinsky’s offer. Xavier Niel, Moez Zouari and Matthieu Pigasse would invest equally in a structure separate from Teract, even if the founder of Free would be largely the funder. They are “missing 400 million euros”, according to a close source.
Teract’s offer lacks cash
Teract has the advantage of presenting an industrial project. The idea is to merge its food brands (Boulangerie Louise, Frais d’ICI) and garden centers (Jardiland, Gamm Vert) with Casino, Monoprix and Franprix. And above all to supply them with fresh produce thanks to the 190 agricultural cooperatives of In Vivo, the majority shareholder of Teract (75%). But for several weeks, critics have risen to denounce the lack of cash for their project. Contacted, Teract did not wish to comment, stressing that “negotiations are ongoing and there has always been talk of the founders investing”.
“Teract’s industrial project is very nice but the Casino banks want cash!”, annoyed a creditor, while the group is crumbling under 6 billion euros in debt. This is where Daniel Kretinsky unveiled a proposed capital increase of 1.1 billion euros which he would finance himself up to 750 million euros. Conversely, he had no industrial and commercial strategy. He then reached out to Teract who grabbed it last weekend.
A conciliation will begin
By unveiling his offer, Daniel Kretinsky put pressure on Xavier Niel to invest. The two men clashed four years ago for control of the newspaper Le Monde, with the issue of buying back the shares of… Matthieu Pigasse. “Relations have calmed down but both want control of Casino”, notes a good connoisseur of the file.
The bidding is accelerating as a conciliation must begin. Several sources familiar with the matter ensure that the legal representative Marc Sénéchal must be appointed conciliator by the end of May, at the request of Casino. “No decision has been taken concerning the opening of a possible conciliation procedure”, explains the group. The long Ascension weekend will be studious for everyone involved in the file.
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