The EU has approved the Kretinsky-led consortium's acquisition of Casino.

The European Commission, an antitrust authority, has given approval for Czech billionaire Daniel Kretinsky consortium to gain control of the struggling retailer Casino as part of its restructuring.

After the plan, the consortium will own 53.7% of Casino diluting current shareholders significantly.

The deal is pending further approvals, including one from the French finance ministry and a waiver from the stock market regulator to avoid formal takeover proceedings.

 

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The European Commission's approval of the Kretinsky-led consortium's acquisition of Casino is an important step for the struggling retailer's restructuring process. This approval signifies that the deal does not violate EU antitrust regulations.

The fact that the consortium will gain control of 53.7% of Casino is significant and will undoubtedly have a major impact on the current shareholders. With such a dilution in ownership, existing shareholders can expect their stakes to be significantly reduced. This change in ownership structure suggests that the consortium will have a strong influence over the future direction and decision-making of Casino.

Although the European Commission has approved the acquisition, it's important to note that the deal is still pending further approvals. One crucial approval needed is from the French finance ministry. This endorsement is required for the acquisition to move forward legally in accordance with local regulations. Additionally, the consortium will be seeking a waiver from the stock market regulator to avoid formal takeover proceedings. The outcome of these pending approvals will determine whether the acquisition can proceed as planned.

Overall, the European Commission's approval is a positive development for the Kretinsky-led consortium, signaling that they have met the necessary requirements from an antitrust perspective. However, it is crucial to keep a close eye on the upcoming decisions from the French finance ministry and the stock market regulator to understand the full implications for both Casino and its shareholders.