French retailer Casino reaffirmed its commitment to taking a stake in its beleaguered Dutch counterpart Laurus despite problems with the due diligence process.
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The due diligence process on Laurus has thrown up lower than predicted restructuring revenues and a need for additional investment. As a result, new shares to be issued in the Dutch group will be valued at €0.1 (US$0.09) lower than previously set, namely at €0.9 rather than €1.
Casino reiterated its agreement to subscribe to half the €400m capital increase planned for Laurus. It will also raise the stake it plans to take in Laurus from 37.6% to 38.6%, while the banks will decrease their holdings to 12.4% after 13.4% envisaged earlier. The banks involved are ABN AMRO, ING and Rabobank.
In a joint statement, Laurus and Casino said they still intended to ink a definitive deal on 15 May or shortly afterwards.
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