PARIS, Jan 3 (Reuters) – A consortium led by Czech billionaire Daniel Kretinsky will own and control 53.7% of French retailer Casino’s share capital once a restructuring plan is completed, Casino said on Wednesday.<\/p>\n
Current shareholders will be massively diluted to around 0.3% of the share capital, it added.<\/strong><\/p>\n The statement also cited a report by independent expert Sorgem Evaluation that found the restructuring plan was fair to current shareholders.<\/p>\n Casino said that – according to Sorgem’s report – without implementation of the restructuring plan, the group’s enterprise value of 3.71 billion euros ($4.05 billion) (as implicit in the subscription price of the capital increase reserved for the consortium), is well below its net debt of 7.88 billion euros.<\/p>\n Under these conditions, the economic value per 100 shares is zero. After implementation of the plan, the value of these 100 shares would be around 5 euros, which Casino<\/a> said represented a value “very close to” the subscription price of the capital increase reserved for the consortium.<\/p>\n As part of its restructuring, Casino said on Dec. 18 it had entered into exclusive talks to sell all of its big stores to Les Mousquetaires and Auchan Retail.<\/p>\n