Billionaire Kretinsky Boosts Equity Offer for Casino as Niel Group Makes Bid
- Restructuring to end Naouri’s control of French grocer
- Creditors to review proposals on Wednesday, Casino says
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Czech billionaire Daniel Kretinsky increased the size of his proposed equity investment in Casino Guichard-Perrachon SA as he competes with a trio of French business executives to take control of the debt-laden French supermarket operator.
Casino received offers from Kretinsky and the group led by telecom billionaire Xavier Niel as part of its its proposed restructuring, the company said in a statement Tuesday, without providing details. Trading in Casino’s shares was suspended after gaining 16%, while Naouri’s listed holding company, Rallye SA, rose as much as 110%.