Casino Improves Offer for GPA
20 Agosto 2019 - 3:15AM
Dow Jones News
By Pietro Lombardi
Casino Guichard-Perrachon SA (CO.FR) said late Monday that it
has raised its offer for the stake in Companhia Brasileira de
Distribuicao Grupo Pao de Acucar (PCAR4.BR) that Exito owns through
French company Segisor.
The deal is part of the French retailer's plan to simplify the
structure of its Latin America operations, a plan it presented in
June. Segisor holds 99.9% of the voting rights and 37.3% of the
economic rights of GPA. Under the plan, Casino would eventually own
41.4% of GPA, which would itself control Exito and its subsidiaries
in Uruguay and Argentina.
The amended offer includes a higher price for each GPA share,
with the French company now offering 113 Brazilian reais($28.05)
instead of BRL109. It also includes "a partial purchase price
matching clause (equal to 80% of the price difference) on the 49.8
million GPA shares that Casino would indirectly acquire from Exito
in case of disposal of all or part of such shares above 113 BRL per
share within 15 months," it said.
The new offer is valid until August 27.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
August 20, 2019 02:00 ET (06:00 GMT)
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