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Industry: Email Alert RSS FeedFrench supermarket group cancels takeover.(Groupe Casino and Uniwide Holdings)(Brief Article)
NPN International, March, 2001
France -- French supermarket group Casino announced in December that it had decided to cancel its project to take over the Uniwide hypermarkets in the Philippines.
The operation involved Casino taking over 10 hypermarkets, a logistics center and five land reserves worth a total of 4 billion Philippine pesos.
In February 2000, Casino had signed an agreement with a view to acquiring an 89.2-percent stake in Uniwide, which declared cessation of payments in June 1999.
According to Casino, "Despite the efforts undertaken, the takeover plan proposed did not receive the necessary prior agreement from the creditors before December 31, 2000, the date of the expiry of the Casino commitment."
The group says that it is still interested in...
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