Casino rejects takeover bid by Promodes
Wednesday 03 September 1997
Casino's board has rejected Promodes's takeover bid, a move analysts said could raise the price of what would be France's biggest retail merger. "Taking into account the results and the prospects of the Casino group, the members of the supervisory board have declared themselves unanimously against this offer," the board said. On Monday Promodes made a Fr19.1bn (pounds 1.95bn) unsolicited bid for Casino and a Fr8.7bn offer for Rallye, which owns a third of Casino. The Rallye board, which also met yesterday, hasn't yet declared its intentions. If the long-expected bids are successful, Promodes would become the country's largest retailer, ahead of Leclerc and Carrefour.
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