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Teract–Casino: behind the scenes of the engagement break


Highlights: Teract and InVivo have failed to reach an agreement on a new deal. The deal would have seen InViva take control of Teract. The two companies had been in talks for several months to reach a deal. But the talks broke down on Thursday night. Inevitably, this meant the two companies could not agree on a long-term deal. They will now have to work together to find a way to split the company in half. The split is expected to be completed by the end of the year.

STORY - Exclusive negotiations ended Thursday evening without any agreement. But Moez-Alexandre Zouari, Matthieu Pigasse and Xavier Niel do not intend to abandon the Casino group to Daniel Kretinsky.

The marriage between Casino and Teract will not take place. After several months of engagement to create a new player in distribution, exclusive negotiations ended on Thursday, without the two promised having reached any agreement. Teract, 76% controlled by the agricultural cooperative InVivo, aimed to combine its garden centres Gamm Vert, Jardiland and Delbard with the distribution activities of the Casino group in France (Monoprix, Franprix, Naturalia...). If he would have been content at first with a minority share of this whole, he dreamed above all of taking control of it in the long term. Teract's managers and shareholders were banking on the financial difficulties of Casino, indebted to the tune of 6.4 billion euros at the end of 2022, to force its CEO, Jean-Charles Naouri, to accept this change of control.

Unfortunately, things did not go at all as planned by Teract. The €1.1 billion capital increase proposal made by...

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Source: lefigaro

All business articles on 2023-06-08

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