Retailer Casino raises offer to buy Exito's 50% stake in GPA

Finatis SA

20/08/2019 06:34

PARIS, Aug 20 (Reuters) - French supermarket retailer Casino
 CASP.PA  said it had raised its offer price to buy the 50%
stake held in Brazilian retailer GPA  PCAR4.SA  by its Colombian
unit Exito  IMI.CN , as part of a plan to simplify its Latin
American operations.
    Casino, which is restructuring its Latin American operations
as part of a broader plan to cut debts and improve its financial
performance, said it would offer 113 reais ($27.7) per share for
the GPA stake - up from a previous 109 reais offer.
    Latin America, and particularly Brazil, has been a key
contributor to Casino's sales and profits, helping offset a
weaker performance in France where price wars among supermarket
companies have hit margins.  urn:newsml:reuters.com:*:nL2N23X1XY
    ($1 = 4.0747 reais)

 (Reporting by Sudip Kar-Gupta; Editing by Subhranshu Sahu)
 ((sudip.kargupta@thomsonreuters.com; +33 1 49 49 53 84;))