Casino
All,
As you will have seen, Casino agreed to sell two hyper markets. The transaction is minor, but nonetheless positive. It is also indicative of a string of such transactions taking place on an ongoing basis in an effort to shore up the balance sheet. In this case the company realises E23m in cash for what investors will have valued with the same amount negative for an E45m appreciation. Peanuts in the context, but they can (and will have to) add up.
Background:
Casino signed unilateral purchase agreements with Groupement Les Mousquetaires for the sale of two Géant hypermarkets for a total value of €23.4m for the real estate and business assets. According to the release, the stores are located in the central part of France, in Nevers and Montauban, and generated a turnover of €36 million and a trading loss of €3.5 million in 2018.
The disposals are expected to be completed in the first half of 2019.
Wolfgang