Monday, May 09, 2016

Casino plans more sales of assets, says paper

PARIS-the French retailer Casino intends to sell more assets in the coming months, having already raised 4.2 billion euros to get rid of business in Thailand and Viet Nam, said its Chief Executive in an interview.
Jean-Charles Naouri also told the newspaper Le Figaro that four of the 4.2 billion euros raised will be dedicated to reduce debt, although the Council of the Casino still has to decide how to use surplus resources.
The simplification of the structure of the group, which controls Grupo Pão de Açúcar in Brazil, is another priority for the Casino, said Naouri.
In December, the American activist investor Muddy Waters said the Casino is "dangerously leveraged" and Standard & Poor''s cut in March to Casino credit recommendation for "junk", citing weakness in Brazil.
Naouri said he was "reasonably confident" that the Casino Business excluding power supply in Brazil, which has been the most vulnerable to recession, will return to growth over to 2016.
DCI - 09/05/2016
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