{"id":1974926,"date":"2023-07-17T08:08:01","date_gmt":"2023-07-17T12:08:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/czech-billionaire-kretinsky-closes-in-on-casino-as-rivals-drop-bid\/"},"modified":"2023-07-17T08:13:43","modified_gmt":"2023-07-17T12:13:43","slug":"czech-billionaire-kretinsky-closes-in-on-casino-as-rivals-drop-bid","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/czech-billionaire-kretinsky-closes-in-on-casino-as-rivals-drop-bid\/","title":{"rendered":"Czech billionaire Kretinsky nears Casino acquisition as rivals withdraw offer."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fczech-billionaire-kretinsky-closes-in-on-casino-as-rivals-drop-bid%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1974926&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div\u200d class=\"entry-content\">\u2062 \t\t\t\t\t\t\t<\/p>\n<h2>Breaking News: Czech Billionaire\u2064 Nears \u2062Takeover \u2062of Casino<\/h2>\n<p>By John\u2063 Irish\u200c and Mathieu \u2062Rosemain<\/p>\n<p> \u200c<\/p>\n<p>PARIS \u2063(Reuters)\u2064 &#8211; \u2064Czech \u2064billionaire\u2062 Daniel\u2064 Kretinsky stepped closer to\u200d taking over \u200bdebt-laden\u200b French retailer \u200dCasino on\u2064 Monday after\u200d rival bidders pulled\u2064 out of the race.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" \u2062style=\"min-width: \u200c320px;\u2063 min-height:\u200d 50px;\u2063  text-align: \u2062center;\">  \t<script> \u2063\u2064 \t\tgoogletag.cmd.push(function()\u2063 {\u200d googletag.display('div-gpt-ad-1663871513696-art-1');\u2062 });\u2064  \t<\/script> \u2064 \u2064<\/div>\n<p> \u2064 <\/p>\n<div \u2063class=\"ad-slot__ad-label\">Advertisement<\/div>\n<p>\u200d  \u200b<\/p>\n<p> \u2063\u200d  \u200d<\/p>\n<p>The\u2062 move\u200d would \u2064bring\u2064 an end to the\u2062 30-year reign\u2064 of veteran entrepreneur\u2063 Jean-Charles \u2064Naouri \u2064as France\u2019s traditional \u200bretail\u200c sector\u200b adapts\u2064 to\u200c the rise \u200cof\u200c <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/breaking-steven-crowder-announces-lawsuit-against-facebook\/\" title=\"BREAKING: Steven Crowder Announces Lawsuit Against Facebook\">e-commerce<\/a> \u2063and\u200d <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/czech-billionaire-kretinsky-closes-in-on-casino-as-rivals-drop-bid\/\" title=\"Czech billionaire Kretinsky nears Casino acquisition as rivals withdraw offer.\">hard-discount \u2062supermarket chains<\/a>.<\/p>\n<p>\u200c <\/p>\n<p>Naouri, \u206474,\u2062 controls Casino via\u200d his listed \u2064holding Rallye.<\/p>\n<p>\u200c <\/p>\n<p>Kretinsky \u200chas been\u200d vying to take control \u2063of \u2063Casino \u200cagainst the \u20643F\u200c Holding group, led by telecoms entrepreneur Xavier Niel, investment banker Matthieu\u2063 Pigasse and\u2063 businessman Moez-Alexandre\u2063 Zouari.<\/p>\n<p>\u2063 <\/p>\n<p>3F\u200d said late \u200con\u200d Sunday it was \u2062dropping its bid, citing\u200b a\u2062 \u201cbiased\u2063 process\u201d \u200cand \u2062a\u2062 lack of\u200d information, and\u2063 after\u200b one \u2063of its\u2064 backers\u2063 \u2013\u2064 the \u2063Attestor \u200bCapital fund \u2013 switched sides\u200c to\u2064 support Kretinsky\u2019s\u200c bid.<\/p>\n<p>It \u200dleaves Kretinsky, who submitted\u200b a revised \u200boffer over\u200b the\u2064 weekend\u2064 proposing\u2063 a \u20631.2 billion euro ($1.35 billion)\u2062 equity injection in \u200cCasino, as the\u2064 only\u2062 bidder. \u2063<\/p>\n<p> \u2064<\/p>\n<p>Casino, \u2064which is \u2063saddled \u2063with \u200bnet debt \u200cof 6.4\u2062 billion\u2064 euros and is teetering on the brink of \u2064default,\u2064 was \u2063due to\u2064 release a\u2063 statement on \u2062Wednesday after\u2062 its board examined\u200c Kretinsky\u2019s bid. <\/p>\n<p> \u200b<\/p>\n<p>Casino\u2019s creditors and management \u2062will attend a\u200d meeting hosted \u2063by CIRI \u2013\u200d the \u200dfinance ministry body that\u200c helps\u2062 distressed\u2062 companies and\u200b their\u200c creditors draw up restructuring plans \u2062\u2013 on\u2063 Monday,\u200c two sources\u200c close\u200d to the matter said. <\/p>\n<p>The \u200cgroup\u2019s shares\u200d were \u2062suspended on\u200d Monday.<\/p>\n<p> \u200d<\/p>\n<p>In a\u2064 statement on\u2063 Sunday, \u20643F said it had decided to \u200cpull \u2062out as \u2063it \u201crefuses to participate in a \u200cbiased \u2063process \u2013 the company having\u200c obviously already chosen its buyer\u201d. <\/p>\n<p> \u2063<\/p>\n<p>Casino and \u2062France\u2019s \u200cfinance ministry declined\u2064 to comment.\u2064 <\/p>\n<p>Along\u2064 with\u200c Marc\u2063 Ladreit de\u200d Lacharri\u00e8re\u2019s Fimalac, Kretinsky\u2019s\u2064 offer\u200b would give him\u200b and Attestor a\u200d combined 50.3% \u2063stake\u200d in \u2064France\u2019s \u200dsixth-largest retailer, two sources \u200dclose to\u2064 the \u200bmatter \u2062said.<\/p>\n<p>Kretinsky and Ladreit\u200c de \u200dLacharriere would\u2064 control the\u2063 investment\u200b vehicle \u2063behind\u2063 the\u2062 1.2 \u2062billion-euro equity injection,\u200d one of the sources \u200bsaid.\u2064 <\/p>\n<p>The bidders \u200cwould also convert \u2062almost 5 \u2062billion euros \u2064of \u2062debt \u200dinto \u200bequity,\u2063 including\u2062 1.3 billion\u2062 euros worth\u200b of \u200csecured debt.\u2063 <\/p>\n<p>\u2062 <\/p>\n<p>Kretinsky \u200dand his EP Global\u200b Commerce\u200c investment vehicle\u200c could \u2062not\u200d immediately be\u2062 reached\u200d for comment.<\/p>\n<p>\u200b <\/p>\n<p>Kretinsky,\u200b 47, a\u200b former \u2064investment bank \u200blawyer who \u2063built \u2063one \u2063of\u2064 Europe\u2019s \u2063largest \u200denergy\u200b groups, \u200chas been\u200b scooping up\u200d assets \u200dinto\u2064 retail, media and \u2063other\u200c areas after the\u2064 energy \u2063crisis \u200dboosted \u2064profits \u2063at\u2062 his power,\u2063 gas and \u200ccoal\u200c businesses.\u00a0<\/p>\n<p> \u2063<\/p>\n<p>He\u200c has\u2063 gone on\u200b a \u2062buying \u2063spree in Britain,\u200c France and Germany, \u200bbuying stakes\u200c in French \u200dnational \u2063newspaper Le\u2062 Monde, \u200bretailer \u2063Fnac-Darty, British supermarket\u200d chain Sainsbury\u2019s\u2063 and German \u200dgrocer \u200dMetro.<\/p>\n<p> \u2062<\/p>\n<p>His net \u200bworth\u2062 stands at\u2064 $9.4 billion, according \u200dto Forbes.<\/p>\n<p>Casino, \u2062which as \u200cbeen burning\u200d through\u2062 cash as revenue fell \u200dand it lost \u2063market share \u200cto \u2062rivals, \u2062has been \u2064in a debt \u2062restructuring negotiation with creditors aimed\u2063 at saving the\u200b company from bankruptcy. The deadline for an\u200d overall debt\u2064 restructuring \u200cdeal\u200d has been\u200d set for \u2064July\u2063 27.<\/p>\n<p> \u200c<\/p>\n<p>The \u2062French government is concerned about possible job\u200c cuts at \u200bCasino,\u2064 which \u200bemployed \u200c50,000 people \u200din the country \u200bat \u2062the\u2064 end of \u2062last\u200c year.<\/p>\n<p>\u201cOur desire is to make \u2064the greatest \u2063effort \u200bpossible to preserve\u2062 the maximum possible, rational\u2063 perimeter of Casino,\u201d Kretinsky told\u2062 the\u2064 Financial Times on \u200cSunday.<\/p>\n<p>($1 = 0.8892 euros)<\/p>\n<p>\u2062 <\/p>\n<p> \u2063(Writing\u2063 by John Irish and\u2062 Silvia Aloisi; Editing\u200b by David\u200c Holmes, \u2062 Emelia Sithole-Matarise\u2064 and\u200b Mike \u2064Harrison)<\/p>\n<p>\u2063 <\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/czech-billionaire-kretinsky-closes\/attachment\/file-photo-french-supermarket-chain-casinos-logo-in-nantes-france\/\"><\/a><\/p>\n<p>\u200b \u200c \t\t\t \u200b\t\t\t\t\t<\/p><\/div>\n<div\u200d class=\"entry-content\">\n<h3>Featured\u2063 Stories:<\/h3>\n<ul>\u200d <\/p>\n<li><strong>Alex \u2062Newman:<\/strong> CEO of \u200cLiberty \u2062Sentinel Media,\u2063 discusses \u200cthe importance of knowing\u2063 who\u2064 is in our \u2064country \u2064and \u200dsecuring the border.<\/li>\n<p>\u2062 <\/p>\n<li><strong>Chad Prather:<\/strong> Baste \u200cRecords\u200c Artist, \u2064discusses how the \u206465,000\u2062 actors represented\u200b by \u2064SAG-AFTRA\u2062 have\u2063 joined thousands of writers to STRIKE!<\/li>\n<li><strong>Amala \u2062Ekpunobi:<\/strong> PragerU Personality, \u200bdiscusses\u200c the\u200b controversial \u2062message and complicated \u200bfinancials of \u2062\u201cBlack Lives Matter.\u201d<\/li>\n<p>\u2063 <\/p>\n<li><strong>Matt Capelouto:<\/strong>\u2063 President\u200b of \u2063DrugInducedHomicide.org, \u200ddiscusses how \u200bhis\u2064 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/hellywood-on-hold\/\" title=\"Hollywood's Pause!\">personal tragedy led<\/a> \u2062to \u200chis\u200d quest to fight for a \u200bsafer future \u200dfor young \u200bAmericans.<\/li>\n<p> \u200c<\/ul>\n<p> \u200c\t\t\t\t\t\t\t\t\t<\/p><\/div>\n<div \u2062class=\"entry-content\"> \u2064 \t\t\t\t\t\t\t\t\t\t<\/p>\n<h3>Other News:<\/h3>\n<ul>\n<li><strong>Huw \u200cJones:<\/strong>\u200b Globally \u200dagreed rules leave crypto firms\u200b with\u2064 no \u2062option \u2064but\u200c to introduce \u200bbasic\u2063 safeguards to prevent&#8230;<\/li>\n<p>\u200d <\/p>\n<li><strong>OSLO:<\/strong>\u200d Facebook \u2063and Instagram\u200c owner \u200dMeta Platforms will \u200bbe\u2062 fined one million crowns\u2062 ($100,000) per \u200dday\u200d over privacy \u200cbreaches\u200d unless&#8230;<\/li>\n<li><strong>LONDON:<\/strong> The United \u2063Nations \u200bSecurity \u200cCouncil \u200cwill hold its first formal\u200b discussion on artificial \u2062intelligence (AI)\u2062 this\u200b week in \u2062New&#8230;<\/li>\n<p> \u2062<\/p>\n<li><strong>BEIJING:<\/strong>\u200b Chinese \u200bPresident \u2062Xi\u200c Jinping said \u200dChina must build \u2063a\u2063 \u201csolid\u201d security barrier around its\u200c internet\u2062 under \u200cthe supervision \u200dof&#8230;<\/li>\n<\/ul>\n<p> \u200c\t\t\t\t\t\t\t\t\t<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Czech billionaire Daniel Kretinsky is set to acquire debt-ridden French retailer Casino as other contenders withdraw. This marks the end of Jean-Charles Naouri&#8217;s three-decade leadership, as France&#8217;s retail industry undergoes transformation.<\/p>\n","protected":false},"author":66,"featured_media":1974927,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-1974926","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1974926","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1974926"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1974926\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1974927"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1974926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1974926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1974926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}