VENEZUELA: Government pays US$690m for Casino assets
Venezuela's president, Hugo Chávez has approved a payment plan of US$690m to acquire the majority stake in Cativen, a Casino subsidiary.
The government will take an 80% stake in the retailer, which ran the Exito and Cada chains. The Venezuelan authorities seized control of the Exito hypermarket chain in January, after the country's President Hugo Chavez reportedly accused the retailer of pushing through "speculative" and "illegal" price increases after the government devalued the local currency.
The supermarkets will become part of a new state chain called Bicentanario, which Chavez said will "strengthen the transition to the socialist economic model".
The government said it would pay 60% of the price in cash and the other 40% with debt, and the first payment of 20% (US$138m) will be paid on 7 September.
Casino has not yet responded to requests for comment.
Exito Group has hailed fiscal 2010 as a "great year" for the group, with net profits for the 12 months up by more than 70%....
Brazilian retailer CBD has recorded an increase in 2010 net income on the back of increasing sales....
A French court has moved to settle the dispute between Casino and the Baud family over the latter relinquishing its stake in the French retailer's discount chain, Franprix-Leader Price....
Jérôme Bédier, head of French retail body FCD, is stepping down after 15 years as the public face of French retailing to take up a post in the private sector....
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