Billionaire Xavier Niel and two partners approached ailing French grocer Casino Guichard-Perrachon SA with a €1.1 billion ($1.19 billion) rescue plan, seeking to counter a rival offer from another group of investors.
Casino received a preliminary letter of intent from the trio, which seeks to boost the group’s equity by as much as €1.1 billion, including up to €300 million invested directly by them, the company said Wednesday. The trio would need to raise the rest from new partners and current creditors wishing to reinvest in the debt-laden retailer.
“This proposal would be accompanied, to the extent necessary, by an adaptation of Casino’s existing debt to its capacities and the preservation of its growth potential,” according to a statement. The offer is preliminary, the grocery chain added.
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