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Casino Group is set tosell its stake in Big C Supercenter PCL to the TCC Group, one of Thailand'sleading conglomerates, for 3.1 billion euro (US$3.46 billion).
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PARIS—Groupe Casino SA has sold Big C Vietnam to Thailand’s Central Group in a deal valued at €1 billion ($1.14 billion), marking a further step in the French grocer’s plans to cut its debt. Central's Vietnam deal follows Casino Group's disposal of a 58.56% stake in Big C Thailand last month to TCC Group for 3.2 billion euros. Central was reportedly also interested in the Thai operations.
The sale is expected to be completed by March 31. - Photo kinhdoanhnet.vn |
It marks a major step in the Frenchretailer's plan to cut its debts.
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Big C is a leader in food retail andcommercial real estate in Thailand with a large network of more than 700 stores,including 125 hypermarkets, and a turnover of 3.4 billion euros last year.
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It has signed a contract to sell its58.6 per cent stake in Big C at 252.88 baht ($7.1) per share, a 28 per centpremium to Big C's market price when the stake sale plan was announced onJanuary 14, the French retailer said in a release.
The sale is expected to be completedby March 31.
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In December Casino Group hadrevealed plans to sell its Big C supermarket chain in Viet Nam as well asThailand and Colombia to strengthen its financial flexibility.
The sales of its Vietnamese retailoperations and some of its real estate holdings in Colombia are ongoing.
A Big C Viet Nam spokesperson saidrecently that some local newspapers had reported that the sale of the Viet Namoperations was completed.
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'This information is incorrect,' hesaid, adding that the process of selling the wholly-owned Big C Viet Nam is justin the beginning stage.
Casino has received expressions ofinterest from Lotte Shopping of South Korea, Singapore's Dairy Farm, Thai retailgiants Berli Jucker and Central Group, and Japanese retail group Aeon.
Big C is among several major foreignretailers in Viet Nam and a big player in the retail sector.
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