French retailer Casino selling down stake in Brazil's Assai (updated)

Teract SA

14/03/2023 07:14

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      Selling 12.9% stake in Assai
    

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      Could sell up to 5.9% more of Assai
    

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      Part of previously announced plan to cut debt
    

  
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       PARIS, March 14 (Reuters) - Casino  CASP.PA  on Tuesday
launched a sale of shares in Brazilian supermarket chain Assai
 ASAI3.SA  as the French supermarket operator presses on with
cutting its debt.
    Casino said it would be selling 12.9% of Assai's share
capital, representing 174 million shares. The French company
said the sale formed part of its previously announced plans to
sell assets. 
    Based on Assai's closing share price of 16.69 Brazilian
reais on March 13, the sale of the stake would be worth around
2.9 billion reais ($553 million).
    Casino said the sale amount could be increased by up to 80
million common shares, representing an extra 5.9% of Assai's
share capital.
    Casino owns a 30.5% stake in Assai, according to the
Brazilian firm's website. 
    It also controls Brazilian company Grupo Pao de Acucar
 PCAR3.SA  and said this month that it would continue selling
assets in Latin America this year.
    Casino is also in exclusive talks to combine its French
retail business with smaller food retailer Teract  TRACT.PA .
    ($1 = 5.2467 reais)

 (Reporting by Sudip Kar-Gupta; editing by Tom Hogue and Jason
Neely)
 ((sudip.kargupta@thomsonreuters.com;))