Casino has agreed to purchase joint-venture partner Galeries Lafayette's 50% stake in supermarket chain Monoprix, putting an end to a long-running dispute.
The French retail giant has agreed to pay EUR1.18bn (US$1.47bn) for the half of Monoprix it did not already own. It will attain the stake by 30 October. All legal proceedings against each other will be abandoned on completion, the pair said.
The two groups have been at odds over the price of the stake for months, with Casino removing Galeries Lafayette director Philippe Houzé from its board in March.
The agreed price, however, is substantially more than the EUR700m Casino had estimated the stake at.
Source:
http://www.just-food.com/news/casino-to-buy-galeries-lafayette-stake-in-monoprix_id119630.aspx
