03/01/2024 – 15:50
Casino released this Wednesday, 3rd, the results of an independent study that attested to the fairness of the financial restructuring process of the French retailer, which controls Grupo Pão de Açúcar (GPA) in Brazil. According to the assessment by consultancy Sorgem Evaluation, the agreement is “fair” for the company's current shareholders.
The corporate reorganization process is led by a consortium led by billionaire Daniel Kretinsky, who promises to inject more than 1 billion euros into the company. The group's enterprise value of 3.71 billion euros, implied in the agreement, is well below the corporation's net debt of 7.88 billion euros, according to the Sorgem report.
Thus, consultants estimate that the economic value per share and therefore the value per 100 shares is zero. With the implementation of the financial plan, this metric would rise to around 5 euros, very close to the subscription price for the capital increase reserved for the consortium.
“After completion of the restructuring plan, the Consortium would own and control 53.7% of Casino's share capital, while current shareholders would be massively diluted, holding around 0.3% of share capital after completion of the restructuring”, highlights the Casino note.
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