By Dominique Vidalon<\/p>\n
PARIS, Jan 8 (Reuters) – A consortium led by Czech billionaire Daniel Kretinsky has won EU antitrust approval to take control of France’s debt-laden Casino<\/a>, the supermarket operator said on Monday.<\/p>\n Current shareholders will be massively diluted under a restructuring deal which will end the 30-year reign of 74-year-old Jean-Charles Naouri, who controls Casino<\/a> through his listed holding company Rallye.<\/p>\n Kretinsky’s consortium will own and control 53.7% of Casino’s share capital under the deal, which calls for 1.2 billion euros f new money to be injected into Casino, as well as a 6.1 billion euro reduction of Casino’s debt.<\/p>\n The plan requires additional regulatory approvals including authorisation from the French finance ministry under foreign investment rules, and a waiver from the stock market regulator to avoid starting formal public takeover proceedings.<\/p>\n NEW STRIKE NOTICE<\/u><\/i><\/p>\n Casino<\/p>\n said<\/p>\n on Dec. 18 it had also entered exclusive talks to sell all of its big stores in France — 313 hypermarkets and supermarkets — to retailers Les Mousquetaires and Auchan Retail.<\/p>\n Trade unions, who have said they fear Casino could be dismantled as the stores are sold, said on Monday they had decided to issue a new strike notice starting Jan. 9 and ending Feb 5.<\/p>\n This comes as Casino shareholders and creditors have until Jan. 11 to approve an accelerated protection procedure Casino<\/a> had entered into in October 2023 to help finalise the deal to restructure its debt. In December that procedure extended by two months to Feb. 25.<\/p>\n (Reporting by Dominique Vidalon, writing by Tassilo Hummel; editing by Jason Neely)<\/p>\n