Dutch supermarket operator Laurus bucked a sluggish stock market today [Friday] to gain on news that it still expects its white knight takeover by France’s Casino to go ahead this week.
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“We expect the negotiations to be completed this week,” said Laurus spokeswoman Sigrid van Amerongen.
The deal was first announced in March and Laurus, the number two Dutch supermarkets group, predicted it would be concluded by mid-May. Laurus, Casino and banks ABN AMRO, ING and Rabobank on Monday signed the second part of their accord, which includes a €400m (US$379.1m) share issue. Laurus said then that it would finalise the deal this week.
“Essentially the parts of the deal between Laurus and Casino are completed. Only the financial agreements (with Laurus’s banks) have yet to be elaborated,” Van Amerongen told Reuters.
Laurus – brought to its knees by a mismanaged store revamp, management upheaval and heavy losses at its Spanish unit – was one of the few shares to climb on Friday.
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By GlobalDataThe shares, which have plummeted almost 70% since January, were up 2.53% at €1.62 by 0837 GMT – the best gainers on a midcap AMX index down 1.23%, reported Reuters.
