Carrefour has agreed to buy the Cora and Match assets in France from Belgian retailer Louis Delhaize Group in the French supermarket chain's first major acquisition in its home market in over 20 years, it said on Wednesday. The transaction gives the assets an enterprise value of €1.05 billion ($1.2 billion), and includes the purchase of the real estate of 55 hypermarkets and 77 supermarkets, the company said in a statement. The deal is expected to close in the summer of 2024. "The acquired stores present a very strong geographical complementarity with Carrefour, particularly strong market share in Eastern and Northern France, where Carrefour has little presence," the company said. Carrefour estimates potential synergies of €110 million in core profit (EBITDA) on an annual basis three years after the completion of the transaction. It forecasts 'integration costs', including investments and operating expenses, at 200 million euros over a two-year period.
Norwegian conglomerate Orkla has reported a 20% year-on-year increase in operating revenue, to NOK 17.1 billion (€1.5 billion), in the second quarter of its financial year, reports ESMmagazine.com. Operating profit increased by 29% in this period, to NOK 1.6 billion (€140 million), with 11 out of 12 of its portfolio companies reporting profit improvement, it noted. Adjusted earnings per share rose by 17%, to NOK 1.55, the company added. Despite good organic growth, most of its portfolio companies also reported a decline in volume. The company's paint and powder coatings manufacturing business Jotun contributed NOK 533 million (€47.4 million), up 124% year-on-year, to Orkla's overall profit during the quarter.
Casino's shares were suspended shortly before the market opened on Monday pending a company statement, as Czech billionaire Daniel Kretinsky appeared to be nearing victory in the battle to take control of the debt-laden French retailer. Kretinsky has been vying to take control of Casino against the 3F Holding group, led by telecoms entrepreneur Xavier Niel, investment banker Matthieu Pigasse and businessman Moez-Alexandre Zouari. A new deadline for rival bidders to present their rescue offers for Casino had been set for 14 July as the retailer reported a further drop in sales in the second quarter. The group is saddled with net debt of €6.4 billion ($7.1 billion) and is teetering on the brink of default. 'Today, after months of work, 3F has decided to not submit an offer,' 3F said in a statement.
Read More: Weekly Round-Up ... 12 July 2023
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