EU gives Kretinsky consortium green light for Casino takeover

The European Commission has given the go-ahead for a consortium led by Czech billionaire Daniel Kretinsky to take control of debt-laden retailer Casino as part of its restructuring, the company said on Monday.

The deal is still subject to extra regulatory approval 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.

Kretinsky's consortium will own and control 53.7% of Casino shares after the restructure is completed. The proposal includes a debt restructuring of €7.9bn.