Agreement to sell Leader Price to Aldi
All,
Casino continue to make progress on their asset disposals with a further €735m of proceeds for the sale of Leader Price. This is above our expectation of €650m and depressed market expectation of €400-500m. Overall this should be viewed as a continued positive for the Company as it makes progress on its deleveraging.
This follows last September’s announcement stating they were in discussions in Aldi France for the sale of the division, thus classifying it as a discontinued operations. Sales were therefore not reported for Q4, but FY19 sales are likely to be €2,200m across 777 stores. This is a further step is deleveraging the Casino structure.
This sale continues the announced disposal plans and we expect to hear more about further disposal plans next week (Thursday) when Casino report their 2019 full year numbers (sales already reported).
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