Casino - comment

A couple of announcements were released from Casino this morning with Casino extending their partnership with Gorillas to include the Frichti platform. More importantly, Casino also announced the simplification of its corporate structure by regrouping all its food retail entities under a single holding company. This possibly is prompted by tax planning and the sale of the GreenYellow business.

We had previously floated the idea of selling Monoprix and Franprix in order to deleverage Casino, and although this does not rule any banner sale in the future, it is unlikely to be a near-term event.