PARIS (dpa-AFX) - French retail company Casino Guichard Perrachon SA or Casino Group announced Friday that it has entered into exclusive negotiations with Auchan Retail France and Rocca regarding a sale of its Corsican subsidiary Codim 2.
Codim 2 operates 4 hypermarkets, 9 supermarkets, 3 cash & carries and 2 drive-throughs in Corsica. In 2023, the unit achieved a turnover excluding taxes of 332 million euros.
Casino group said it intends to conduct these discussions in the best interests of Codim 2 and its employees, as well as its local partners.
Following a successful deal, Codim 2's all activities, employees and support functions would be taken over and operated under the Auchan banner.
The company plans to submit the proposed sale to the employee representative bodies involved and competent competition authorities.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
