{"id":2505,"date":"2018-09-24T08:32:19","date_gmt":"2018-09-24T08:32:19","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/carrefour-denies-making-bid-approach-for-casino\/"},"modified":"2018-09-24T08:32:19","modified_gmt":"2018-09-24T08:32:19","slug":"carrefour-denies-making-bid-approach-for-casino","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/carrefour-denies-making-bid-approach-for-casino\/","title":{"rendered":"Carrefour denies making bid approach for Casino"},"content":{"rendered":"\n
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\"CarrefourImage copyright<\/span>
\n Getty Images<\/span><\/p>\n

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France’s biggest supermarket group, Carrefour has denied approaching rival Casino over a possible tie-up.<\/p>\n

That is despite Casino saying that its board had<\/a> unanimously decided to reject a Carrefour approach.<\/p>\n

However, Carrefour is adamant that no such approach was ever made.<\/p>\n

Carrefour alleged<\/a> that “difficulties” faced by Casino and its controlling shareholder might have prompted the “misleading and groundless communications”.<\/p>\n

Like many supermarkets, Casino is struggling with rising competition, particularly from discounters, and its shares have plunged by almost a third this year.<\/p>\n

Many investors are betting that its share price will fall even further, in a trade known as short-selling.<\/p>\n

One such investor, called Muddy Waters, has criticised Casino and its parent company Rallye for having a “convoluted” structure<\/a> and complicated financing arrangements.<\/p>\n

Even if Carrefour had confirmed the Casino approach, any deal would have faced regulatory scrutiny as both firms are big players in the French retail market.<\/p>\n

‘No sense’<\/h2>\n

With a 20.4% share of the market, Carrefour is France’s second biggest supermarket, just behind E. Leclerc which has a 21.1% share.<\/p>\n

Casino is the fourth biggest with an 11.6% market share.<\/p>\n

“The alleged approach makes no sense to me,” said Bruno Monteyne, a retail analyst at the investment bank Bernstein.<\/p>\n

“The anti-trust issues in both France and Brazil would be so big, that it would make a deal uneconomical. That makes me doubt that Carrefour attempted such a move.”<\/p>\n

To cut its debts Casino has been selling businesses and analysts say it is possible that Carrefour has approached Casino over those assets.<\/p>\n

Casino owns profitable upmarket retailer Monoprix as well as online retailer Cdiscount, both of which, analysts say, would be attractive purchases.<\/p>\n<\/p><\/div>\n


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Source<\/a> by [author_name]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Image copyright Getty Images France’s biggest supermarket group, Carrefour has denied approaching rival Casino over a possible tie-up. That is despite Casino saying that its board had unanimously decided to reject a Carrefour approach. However, Carrefour is adamant that no such approach was ever made. Carrefour alleged that “difficulties” faced by Casino and its controlling … <\/p>\n","protected":false},"author":0,"featured_media":2506,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2505","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/2505","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=2505"}],"version-history":[{"count":0,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/2505\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media\/2506"}],"wp:attachment":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=2505"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=2505"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=2505"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}