×
254
Fashion Jobs
THINK FIRST DIGITAL
Hiring For Event Production Manager - Mumbai
Permanent · Mumbai
LUPIN
Opportunity For Area Manager - Mass Marketing - Lupin Ltd
Permanent · Pune
SOBHA
Manager - Sales at Sobha Nesara, Kothrud - Pune
Permanent · Pune
MIDAS HYGIENE INDUSTRIES PRIVATE LIMITED
Area Sales Manager - Punjab
Permanent · Jalandhar
PETPOOJA
Area Sales Manager || Software Sales (Pos) || Petpooja
Permanent · Navi Mumbai
FLEETX
Assistant Area Sales Manager/ Area Sales Manager
Permanent · Haldia
FLEETX
Area Sales Manager
Permanent · Tirunelveli
MINIVEL SERVICES
Area Sales Manager - Insurance Company
Permanent · Bengaluru
POLYCAB
Area Sales Manager
Permanent · Chennai
ACME SERVICES PRIVATE LIMITED
Purchase Manager For a Leading Textile Brand
Permanent · Mumbai
SBFC FINANCE
Area Sales Manager And Sales Manager- Loan Against Property
Permanent · Ahmedabad
BUSY INFOTECH
Area Sales Manager - Amritsar / Ambala / Shimla
Permanent · Ambala
GRAND CHEMICAL WORKS
Area Sales Manager- Lucknow (gt Fmcg)
Permanent · Lucknow
GRAND CHEMICAL WORKS
Area Sales Manager - Jaipur (gt)
Permanent · Kota
PUMA
Manager- Supply Planning
Permanent · Bengaluru
PUMA
Senior Manager - Performance Marketing- Marketplac…
Permanent · Bengaluru
SURYA FOOD AGRO LTD
Production Manager
Permanent · Greater Noida
SHYAM STEEL INDUSTRIES
Require Area Sales Manager For Different Locations at Bihar
Permanent · Madhepura
PINKODE REALTY LLP
Hiring For Asm/Sales Managers
Permanent · Mumbai
FRQ BRO
Area Sales Manager - Oppo
Permanent · Pudukkottai
FLEETX
Area Sales Manager
Permanent · Tirunelveli
TEACHMINT
Area Business Manager
Permanent · Hubballi
By
Reuters
Published
Feb 28, 2012
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Casino digs in against Galeries Lafayette

By
Reuters
Published
Feb 28, 2012

PARIS - French retailer Casino on Monday stuck to its guns in its increasingly protracted wrangle with Galeries Lafayette, ruling out any sale of its share of their Monoprix joint venture and saying it would only buy out its partner at a "fair" price.

Describing its 50 percent stake in food-and-fashion chain Monoprix as a strategic asset, Casino said the joint venture had profited from its support and access to its purchasing platform.

"(Casino's) board reiterates that Monoprix is a strategic asset and it has no intention of selling it," Casino said.

Casino and Galeries Lafayette, operator of the eponymous Paris department store, are at loggerheads over who should win control over Monoprix. While Casino does not want to sell, it has also rejected an offer to buy out Galeries Lafayette for 1.35 billion euros ($1.81 billion) as too high.

A 1.35 billion-euro price tag implies a multiple of 9.1 times earnings before interest, tax, depreciation and amortization, while Casino and Marks & Spencer are trading at 6.4 and 5.3 respectively, Casino said.

However, Casino said it would buy the stake for what it considered to be a "fair price," as per the terms of their shareholder agreement and a sale option held by Lafayette.

Last week Casino said it had made a counter offer of 700 million euros for the stake. Even with three advisory banks involved and a fourth potentially in the cards, the two parties did not reach agreement and Lafayette filed a complaint with the Paris Commercial Court, according to Casino.

Galeries Lafayette's chief executive subsequently told French daily Le Figaro on Saturday that his group had in fact offered to buy Casino's stake for 1.35 billion euros and that the offer was up for review on Monday. ($1 = 0.7466 euros) (Reporting by Lionel Laurent; Editing by Christian Plumb and Richard Chang)

© Thomson Reuters 2022 All rights reserved.