Kretinsky increases stake in Casino

Kretinsky increases stake in Casino

Vesa Equity Investment, Daniel Kretinsky's investment fund, has increased its stake in French retailer Casino to above the 5 % threshold. Analysts now wonder of the Metro owner might be aiming for further consolidation.

 

Sign of trust

Vesa Equity Investment, owned by Kretinsky and his Slovak partner Patrik Tkac, now owns 5.64 % of the holding Groupe Casino. They took a stake in the suffering French retailer last September, and straight away became its second largest shareholder with 4.63 % of the shares. A new press release now reiterates earlier statements that Casino is "best-positioned retail group on the French market and one of the European leaders best able to respond to the profound changes in the sector."

 

Casino CEO Jean-Charles Naouri sees the increased investment as "confidence of professional investors in the sector in our capacity for innovation and execution." He therefore repeats his opinion that a member of Vesa Equity should be included in Casino's board of directors.

 

Kretinsky and Tkac are major shareholders in the German Metro group and also in Mall, an e-commerce company active in Central and Eastern Europe. Analysts wonder if their increased stake in Casino means Vesa is looking into a closer collaboration between these companies.