all competition authorities have given their approval for the takeover of the distributor

The distributor Casino, in financial difficulty, announced on Friday February 2 that it had obtained the authorization from all the competition authorities necessary for its takeover. Its financial restructuring now remains subject to a decision by the Paris commercial court. The group must change hands by March or April and come under the control of billionaires Daniel Kretinsky and Marc Ladreit de Lacharrière, backed by the Attestor investment fund.

On January 8, the European Commission authorized the takeover of the French distributor and gave its agreement on competition issues. Friday night, in a press release, Casino announces that “the European Commission issued a decision on February 2 authorizing the operation, under the regulations on foreign subsidies”.

Read also | Casino announces the sale of 288 stores to Auchan and Intermarché

The group also announces that the competition authorities of Serbia, North Macedonia, Morocco and Kosovo “have issued decisions authorizing, under merger control, the takeover of the Casino group by the consortium as part of the financial restructuring, it being specified that the acquisition vehicle of the consortium will be controlled by” Daniel Kretinsky’s company.

Casino specifies that the Luxembourg Insurance Authority has also “authorized the indirect change of control of Casino RE (group reinsurance subsidiary) ». The distributor “recalls that the completion of its financial restructuring now remains solely subject to the approval of the accelerated safeguard plans for Casino, Casino Finance, Distribution Casino France, Casino participations France, Quatrim, Monoprix and Ségisor by the Paris commercial court”.

A hearing is due to be held on February 5 at the Paris commercial court on the rescue plan for the distributor, which entered into an accelerated safeguard procedure at the end of October which runs until the end of February.

Read also: Article reserved for our subscribers In the final vote of Casino shareholders: “They didn’t say it was getting worse and worse”

The World with AFP