French store bid off

Saturday 22 November 1997 00:02 GMT

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French store bid off

Promodes, the French supermarket group, has decided to cancel its takeover bid for Rallye, its rival after it failed to win a majority stake. Promodes had reserved the right to withdraw its bid if acceptance was less than 50.1 per cent, it said. Promodes' bid was accepted by holders of just 10.55 per cent of Rallye's capital. Promodes launched the bid for Rallye on 1 September, at the same time as its bid for Casino. It was offering Fr420 for Rallye ordinary shares and Fr470.40 for its convertible bonds.

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