Casino Nears 13-Year-High on Plan to Combine Online Assets
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Casino Guichard-Perrachon SA, the French retailer, rose to the highest in almost 13 years after saying it will merge its Cdiscount and Nova Pontocom e-commerce units, and that it may spin them off in a U.S. stock offering.
The stock rose 3.6 percent to 92.30 euros in Paris, the highest since July 2001. The new online division will have customers from Brazil to Vietnam, with combined annual business volume -- sales plus the value of other people’s transactions on the sites -- of $4.1 billion based on 2013 results, Casino said late yesterday.