Regulatory News:
The Casino Group (Paris:CO) announces that it signed an agreement to
form a strategic partnership with the Bolivarian Republic of Venezuela,
which is acquiring 80.1% of Cativen for a total consideration of 690
Million USD. The other shareholders of Cativen have disposed of their
entire shareholding whereas Casino will retain a 19.9% participation in
the company to continue providing operational support to and develop
cooperation with the new state-controlled entity.
As a result of this transaction, the Casino Group will receive a total
consideration of 622.5 Million USD related to the sale of its
participation in Cativen and to the recovery of approximately 265
Million USD outstanding intercompany loans.
Casino will receive 60% of the total payment upon the imminent closing,
being 20% in cash and 40% in two USD denominated promissory notes of
equal amount each and maturing in November 30th 2010 and
November 30th 2011 respectively. The remaining 40% will be
paid in cash following a payment schedule that extends until February
2011.
The Casino Group looks forward to continue serving the consumer needs of
the Venezuelan people through this newly formed alliance with the
Bolivarian Republic of Venezuela.
