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Xavier Niel buys Czech investor Kretinsky's stake in Le Monde
  + stars: | 2023-09-23 | by ( ) www.reuters.com   time to read: +1 min
Xavier Niel, founder of French broadband Internet provider Iliad, arrives for a hearing on the concentration of media ownership in the country, at the French Senate in Paris, France, February 18, 2022. REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsCompanies NJJ Presse SASU FollowPARIS, Sept 23 (Reuters) - NJJ Presse, a holding of French telecoms maverick Xavier Niel, has purchased Czech billionaire Daniel Kretinsky's stake in daily Le Monde and committed to transferring this and its existing stake to a fund defending press freedom, it said on Saturday. Finance tycoon Matthieu Pigasse, who had sold part of his stake in Le Monde to Kretinsky, will also put his shares in the fund, NJJ said. The Financial Times had reported shortly before that an agreement was close on a buyout of the shares of the Czech energy magnate, a transaction worth around 50 million euros. ($1 = 0.9388 euros)Reporting by Gilles Guillaume and Sybille de La Hamaide; Editing by Alexandra HudsonOur Standards: The Thomson Reuters Trust Principles.
Persons: Xavier Niel, Sarah Meyssonnier, Daniel Kretinsky's, NJJ, Matthieu Pigasse, Gilles Guillaume, Sybille de La, Alexandra Hudson Organizations: French, REUTERS, Le Monde, NJJ Presse, NJJ, Fund, Reuters . Finance, Financial Times, Alexandra Hudson Our, Thomson Locations: Paris, France, NJJ, Czech, Le, NJJ Presse
It leaves Kretinsky, who submitted a revised offer over the weekend proposing the equity injection, as the only bidder. The cash injection plan would lead to a 4.7 billion-euro reduction in overall debt, Casino said. Casino is saddled with net debt of 6.4 billion euros and is teetering on the brink of default. The board meeting followed a separate meeting between Casino's creditors and CIRI - France's finance ministry body that helps distressed companies and their creditors draw up restructuring plans. Kretinsky and Ladreit de Lacharriere would control the investment vehicle behind the 1.2 billion-euro equity injection, a source said.
Persons: Daniel Kretinsky, Kretinsky's, Xavier Niel, Jean, Charles Naouri, Kretinsky, Niel, Matthieu Pigasse, Moez, Alexandre Zouari, Casino, Marc Ladreit de, Ladreit, Mathieu Rosemain, Mike Harrison, Rosalba O'Brien Organizations: Casino, 3F, Attestor, French, Monde, Fnac, Metro, Forbes, Thomson Locations: Czech, PARIS, French, Paris, Casino, Britain, France, Germany
Kretinsky has been vying to take control of Casino against the 3F Holding group, led by telecoms entrepreneur Xavier Niel, investment banker Matthieu Pigasse and businessman Moez-Alexandre Zouari. The group is saddled with net debt of 6.4 billion euros ($7.1 billion) and is teetering on the brink of default. "Today, after months of work, 3F has decided to not submit an offer," 3F said in a statement. Along with Marc Ladreit de Lacharrière’s Fimalac, he would inject 1.2 billion euros ($1.35 billion) in equity to take a 53% stake in France's sixth-largest retailer. The bidders would also convert 4.9 billion euros of debt into equity.
Persons: Daniel Kretinsky, Kretinsky, Xavier Niel, Matthieu Pigasse, Moez, Alexandre Zouari, 3F's, Marc Ladreit de, Fimalac, Casino, John Irish, David Holmes, Emelia Organizations: Casino, 3F, Attestor, Financial, Global Commerce, Financial Times, Thomson Locations: Czech, France's, Casino
PARIS, July 9 (Reuters) - Czech billionaire Daniel Kretinsky and his partners are prepared to hire former Metro (B4B.DE) and Lactalis executive Philippe Palazzi as the new boss of French supermarket chain Casino (CASP.PA), should their refinancing offer for the debt-laden company succeed, Les Echos reported on Sunday. Kretinsky could not immediately be reached for comment outside working hours. Kretinsky's offer is valid until Monday. It faces a rivalling offer led by telecoms maverick Xavier Niel, investment banker Matthieu Pigasse and businessman Moez-Alexandre Zouari, which Casino said had also been extended to the same day. Reporting by Tassilo Hummel; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.
Persons: Daniel Kretinsky, Philippe Palazzi, Les Echos, Kretinsky, Palazzi, Xavier Niel, Matthieu Pigasse, Moez, Alexandre Zouari, Tassilo Hummel, Lisa Shumaker Organizations: Metro, LinkedIn, Thomson Locations: Czech
The group will study this expression of interest and keep the market informed," Casino said in a statement on Wednesday. And the holding company through which Naouri controls Casino is also heavily indebted. Niel, Pigasse and Zouari said they would invest 200 million to 300 million euros themselves, with the rest coming from unspecified partners, including Casino creditors. The trio's proposal comes after Kretinsky, Casino's second-largest shareholder, offered in April to take control of the group through a 1.1 billion euro capital increase. A Casino spokesperson declined to comment beyond its statement on Wednesday or on behalf of Naouri.
Persons: Jean, Charles Naouri, Xavier Niel, Daniel Kretinsky, Casino, Kretinsky, Niel, Matthieu Pigasse, Moez, Alexandre Zouari, Clement Genelot, Garnier, Pigasse, Zouari, Casino's, Mathieu Rosemain, Chiara Elisei, Laura Lenkiewicz, Sudip Kar, Silvia Aloisi, Mark Potter, Alexander Smith Organizations: Casino, Monoprix, BNP, Credit Agricole, Carrefour, Reuters, France's, Naouri, Thomson Locations: PARIS, Czech, Natixis, Casino
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