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The Casino board of directors finally made a decision late at night. The 313 hypermarkets and supermarkets for sale since the end of November will fall to the consortium formed by Intermarché and Auchan. The two distributors put 1.3 billion euros on the table to counter competing but partial offers from Leclerc, Lidl, Système U or Carrefour, i.e. 200 million euros more than their initial offer.
Carrefour, which has just bought the Cora network, helped to raise the stakes. The distributor had conditioned the purchase of around fifty hypermarkets and supermarkets on that of 7,000 local convenience stores from the Casino group. This weekend, Intermarché and Auchan believed that the stores for sale were going to escape their control. But Casino's convenience stores are not for sale for the moment.
Intermarché and Auchan have finally formulated the only offer which fully covers the scope put up for sale by Casino a few weeks ago.
In addition to the substantial sum paid by the two distributors, Intermarché and Auchan benefited from the links already established with Casino in the past. Intermarché is both Casino's purchasing ally and the distributor to whom the Stéphanois has sold 195 stores. In the future, Intermarché, Auchan and Casino will be involved in the purchase - an asset for the future Casino, the size of which will be drastically reduced.
Both distributors also highlighted their social advantage. If they do not take over the Saint-Étienne headquarters, they will however take over all Casino employees employed in the acquired stores. Intermarché and Auchan emphasized that Lidl employs half as many staff in its stores as other distributors. Bruno Le Maire would have pleaded from New York in favor of the two allies. The Casino unions, for their part, emphasize that social benefits are less at Intermarché than at Casino, and say they are “disappointed” by this decision. The Saint-Etienne headquarters, which employs 2,000 people, remains threatened.
Before being validated by the Casino board of directors, the decision to sell the scope of hypermarkets and supermarkets to Intermarché and Auchan was validated by the ad hoc committee of the distributor, by the consortium which in March will become the main shareholder, by the judicial administrators of Casino as well as by the Commercial Court. The Casino group is currently in an accelerated safeguard procedure.
