France
Czech billionaire Daniel Kretinsky neared victory on Monday in a battle to take over French retailer Casino after rival bidders pulled out of the race, paving the way for a deal to rescue the debt-laden group and save it from bankruptcy, KFGO reported. Kretinsky has been vying to take control of Casino against the 3F Holding group, led by telecom entrepreneur Xavier Niel, investment banker Matthieu Pigasse and businessman Moez-Alexandre Zouari.
Casino shares fell as much as 40% on Wednesday after the cash-strapped French retailer said the injection of new capital that would result from two rival offers to rescue the group meant that existing shareholders would be wiped out, Reuters reported. Czech billionaire Daniel Kretinsky is leading a 1.35 billion-euro investment plan to rescue Casino, details of the two offers released after the market close on Tuesday showed, dwarfing a rival proposal backed by telecoms maverick Xavier Niel.