Paris, July 16 (Reuters) – The name Casino is progressing tremendously on Tuesday on the Paris Stock Exchange following a note from Barclays about a possible merger with its rival Carrefour, given the difficulties faced by the majority shareholder in the controlled distribution group and chaired by Jean- Charles Naouri.
At 14:48, casino action gained 1.83% to 32.89 euros, the highest level of one month, among the biggest increases in the SBF 120. At the same time, Carrefour takes 0.87% to 18.055 euros,
"The merger between the two groups seems potentially interesting as the new organization will become a leader in France and Brazil and will be able to benefit from significant synergies," analysts of the English bank wrote.
They place the potential savings of 0.9% of the sales of the two groups, with a total of about 1 billion euros of gross synergies.
Barclays also recalls that Carrefour CEO Alexander Bompard said last June that he expects consolidation in the retail sector over the coming years.
Last year, the casino group announced it had rejected a bid to merge its rival, who immediately denied taking the slightest step in that direction.
In May last year, Rallye, the mother company of Casino, was placed under the auspices of the Commercial Court in Paris to stop paying off its debt and negotiate it with its creditors.
Barclays is "weighted online" at Carrefour and underweight at Casino.
Dominic Vidalon, Letitia Volga for the French Service,
edited by Jean-Michel Belot