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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Finatis | EU:FNTS | Euronext | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.37 | 1.30 | 1.35 | 0.00 | 00:00:00 |
From Jan 2020 to Jan 2025
PARIS--French retailer Groupe Casino on Thursday said it has filed to spin off its global e-commerce business Cnova in an initial public offering in New York.
Casino's board on Wednesday approved the creation of Cnova, which will run the group's e-commerce units in Brazil, Colombia, France, Thailand and Vietnam and will be controlled by Casino, according to a statement.
The company then plans to list the shares of Cnova on the New York Stock Exchange through an IPO.
Cnova recorded $4.9 billion in sales in 2013, Casino said in the statement. The company didn't provide a time frame for the IPO or specify what stake it intends to float. Casino declined to provide a potential valuation of the IPO.
Casino's focus on e-commerce is one of its biggest avenues for growth, along with its presence in emerging markets such as Brazil.
"The success of Cnova will be based on a low-cost business model with attractive pricing and extensive product assortment and highly differentiated delivery and payment solutions," Casino said.
Casino sees its e-commerce activities as complementary to its bricks-and-mortar stores. In France, for instance, its Cdiscount site has become a major dealer in home electronics and appliances, drawing business away from supercenters selling the same items. Yet Casino has also used its stores as a distribution network for e-commerce sales, in what it sees as an advantage over rival Amazon.com Inc.
Write to Inti Landauro at inti.landauro@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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