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CGUSY Casino Guichard Perrachon SA (CE)

0.001
0.00 (0.00%)
07 Jun 2024 - Closed
Delayed by 15 minutes
Name Symbol Market Type
Casino Guichard Perrachon SA (CE) USOTC:CGUSY OTCMarkets Depository Receipt
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  0.00 0.00% 0.001 0.00 01:00:00

Casino to Simplify Structure of Latin America Operations

27/06/2019 6:54am

Dow Jones News


Casino Guichard Perrachon (CE) (USOTC:CGUSY)
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   By Anthony Shevlin 
 

Casino Guichard-Perrachon SA (CO.FR) said Thursday that it plans to simplify the structure of its operations in Latin America.

The French retailer said the board of directors of its Brazilian subsidiary Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PCAR4.BR) approved the formation of an ad-hoc committee of independent directors that will work on a review involving an all-cash tender offer launch by GPA on all of Exito's shares, to which Casino would tender its 55.3% stake.

Casino would acquire the shares held by Exito in Segisor, which itself holds 99.9% of the voting rights and 37.3% of the economic rights of GPA.

Furthermore, the review would involve the migration of GPA shares to the Novo Mercado B3 listing segment. The preferred shares would be converted into ordinary shares at a 1:1 ratio, Casino said.

This will end the existence of two classes of shares and give GPA access to an extended base of international investors, the company said.

"The tender offer share price offered by GPA and the acquisition price by Casino of the shares held by Exito in Segisor would both include premiums over their current share prices," the French retailer said.

Once finalized, Casino would solely own 41.4% of GPA, which would itself control Exito and its subsidiaries in Uruguay and Argentina.

 

Write to Anthony Shevlin at anthony.shevlin@dowjones.com; @anthony_shevlin

 

(END) Dow Jones Newswires

June 27, 2019 01:39 ET (05:39 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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