Promodes bids for Casino and Rallye

Article Abstract:

Promodes, second-biggest food retailer chain in France, has launched two separate takeover bids for rival companies Casino and Rallye. Casino has refused the offered share price of FF340. The second bid is for Rallye, which holds 28% of the shares in Casino. The takeover would make Promodes-Casino the largest in France. Predicted retail sales would be 18.5% of the market, compared with its nearest rival Carrefour-Comptoirs Modernes which have 15.9%. Casino had a 39.1% rise in net profits to FF409 million in first half 1997 and has already acquired supermarket chains Franprix and Leader Price.

France, Company Profile, Ets Economiques du Casino Guichard Perrachon et Cie.

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Promodes grows with Catteau and GS deals

Article Abstract:

Promodes SA has arranged a complex transaction to purchase a share of the GS hypermarket group, in Italy. Promodes will hold an option to purchase a 50% share of GS, on Oct. 1, 2000. Initially Promodes will retain a 90% share of a holding company which will have a 36% share of GS. The transaction has been agreed with Benetton and Del Vecchio. Promodes had also acquired Catteau, a French chain of supermarkets. Tesco PLC owned the 105 outlets in the Catteau group but they failed to expand their operation, due to the restrictive French planning legislation. Catteau was sold for FF2.5 billion.

Catteau S.A., GS

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Rallye, Promodes increase bids for Casino, but Rallye comes out on top

Article Abstract:

Bidding for the French retailing company Casino, Guichard-Perrachon and Cie is becoming highly competitive, with both Rallye SA and Promodes SA seeking to gain the confidence of shareholders. Rallye has offered shareholders a deal where they will receive cash payments spread over several years. A previous offer from Rallye was rejected by the French authorities as not being a proper take over bid. Promodes has increased its offer to FF375 per share from its first offer of FF340. Its total offer, of FF3 billion, has not been accepted by Casino's board members.

Retail Store Chains, Chain stores, Casino, Guichard-Perrachon and Cie.

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