(Reuters) -Indebted French supermarket chain Casino said on Monday it had agreed an initial deal to sell its stake in Latin American retailer Almacenes Exito to Grupo Calleja.
Casino’s board on Friday approved a pre-agreement to sell its entire stake in Almacenes Exito to Grupo Calleja, a leading grocery retailer in El Salvador, it said.
Casino is in the midst of a restructuring after years of debt-fuelled acquisitions had brought it to the verge of default.
It said on Monday it will receive $400 million from the sale of its stake in Almacenes Exito, at a price of $0.9053 per share, while its unit Grupo Pao de Acucar (GPA), which also has a stake, will receive $156 million.
The buyer will pay in cash, Casino said.
The price per share may be reduced by extraordinary dividend distributions, asset transfers or similar transactions made by Exito, Casino added in a statement.
