Casino In Talks With Aldi Over Leader Price
Mohammad Ali (@ChaudhryMAli88) Published September 20, 2019 | 12:00 AM
Paris, Sept 19 (UrduPoint / Pakistan Point News - 19th Sep, 2019 ) :French supermarket chain Casino said Thursday it has begun talks with German group Aldi to sell its fellow low-cost competitor its Leader price unit.
Casino group confirmed it had received notification of interest in a deal from Aldi France with the French seeking to pare down debts.
"The Casino group and Aldi France have entered discussions with a view to a firm offer being made by Aldi France," Casino said in a statement, adding details would be released at that stage.
Under pressure from shareholders and investors, Casino said in August it was seeking to sell off 2 billion Euros ($2.
4 billion) of assets after identifying stores to sell off by spring 2021, adding to 2.5 billion of non-strategic assets set for sell-off by early next year.
Casino said it would be "undertaking these discussions in the best interests of Leader Price and its employees, as well as its partners".
Founded in 1989 and taken over by Casino in 1997, Leader Price has more than 700 stores across France with a 4,000 workforce. Last year it increased sales 1.9 percent to 2.5 billion euros, after rationalising its network.
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