Casino - comment

Yesterday saw renewed press speculation about the GreenYellow sales process with Ardian, the latest investment fund, rumoured to have submitted a preliminary bid. This confirms earlier speculation that it is primarily investment funds who are in the bidding process. Obviously, nothing has been confirmed but the speculation repeats the rumours that the preliminary bids are c. €1.5bn. This is higher than we have pencilled and more importantly to Casino is that the sales process completes. A decision is expected next month on the process.

Any sale by Casino will involve a reduction in EBITDA at Casino Group. GreenYellow generates c. €17m of EBITDA from internal business with the remainder of Casino. The €17m will have to be removed from Casino Group’s Consolidated accounts if a sales process completes.