Acquisition of Casino Guichard-Perrachon's Stores Approved
French regulator approves Intermarche's acquisition of Casino Guichard-Perrachon's stores with divestiture condition. Stores to change ownership, not close.
The French competition regulator has given the green light to the acquisition of 61 Casino Guichard-Perrachon's stores by French retailer Intermarche. However, there is a condition for the divestiture of some of the acquired stores.
Intermarche, a part of the Les Mousquetaires group, will need to divest three of the stores to address concerns raised by France's Autorite de la concurrence. The regulator believes that the acquisition could lead to a significant strengthening of Intermarche's market power in the areas where these three stores are located, potentially hindering competition.
It's important to note that this divestiture doesn't imply the closure of the stores but rather a change in ownership. The acquisition will still need to gain approval from the French regulator.
In July 2023, Intermarche informed the French national competition regulator of its intention to acquire 61 food retail stores from Casino. Casino has been grappling with high debt and a decline in market share in its home country.
Furthermore, in December, Casino announced that it had entered into exclusive negotiations with Groupement Les Mousquetaires and Auchan Retail for the sale of over 300 stores.