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Commodities
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PARIS, Jan 24 (Reuters) – French retailer Casino on Wednesday said it had reached agreements with Auchan Retail and Intermarche parent company Groupement Les Mousquetaires on the sale of “almost all” of its hypermarkets and supermarkets.
It added that these agreements provide for the sale of 288 stores (and the service stations attached to these stores), based on an enterprise value of between 1.3 billion and 1.35 billion euros ($1.42 billion to 1.47 billion).
The disposals will take place in the second quarter of 2024, after consultation with unions, the company said.
The operation is set to leave Casino with upmarket brand Monoprix as well as Franprix, which also focuses on city-centre stores.
Casino also said Groupement Les Mousquetaires and Auchan have undertaken to take over the employment contracts of staff assigned to the transferred stores and service stations, and to maintain existing labour agreements for 15 months.
Les Mousquetaires (LM) and Auchan said in a joint statement that LM would take over 190 stores and Auchan 98 stores. They added that the operation would safeguard 12,000 jobs in the stores and would be finalised in the coming months.
In a separate statement, retailer Carrefour said it had started exclusive negotiations with Groupe Intermarche to acquire 31 stores which generated sales of around 400 million euros in 2022. It gave no detail on the price.
It added it had also committed to maintain all employees working in the stores and their social benefits for a minimum period of 15 months.
The restructuring of the debt-ridden French retailer by a consortium led by Czech billionaire Daniel Kretinsky will massively dilute current shareholders and will end the 30-year reign of Jean-Charles Naouri, who controls Casino through his listed holding company Rallye.
Kretinsky’s consortium will own and control 53.7% of Casino‘s share capital under the deal, which calls for 1.2 billion euros of new money to be injected into Casino, as well as a 6.1 billion euro reduction of Casino’s debt.
Casino stock was suspended ahead of the statement. It closed at 0.6 euros on Tuesday, following a years-long slide that took it down from around 23 euros at the end of 2021 and 96 euros per share mid-2014. It traded as high as 114 euros at the end of 1999.
($1 = 0.9167 euros) (Reporting by Geert De Clercq, editing by Tassilo Hummel and David Evans)
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ATLANTIC CITY, N.J. (AP) – Atlantic City got a green light Friday to proceed with a project to reduce the width of its main street from four lanes to two, despite fears from casinos and a hospital that the plan could tie the city into gridlocked knots, scare away gamblers and delay emergency vehicles.
Superior Court Judge Michael Blee rejected arguments from five casinos and a hospital that the half-finished project to narrow Atlantic Avenue in the name of pedestrian safety could cause irreparable harm if allowed to be completed.
The judge said no one has yet been hurt by the project, which began last month, during the resort’s slowest period of the year. He added that if opponents of the plan ultimately prevail in court, the road can simply be restriped and put back the way it used to be.
“The court does not consider the personal inconvenience of residents and visitors to be irreparable harm,” he said.
Mayor Marty Small said the city received $24 million in federal and state funding that will pay for newly paved roads and sidewalks, and new street lights and synchronized traffic lights.
“That’s $24 million in non-Atlantic City taxpayer money for the citizens of Atlantic City,” he said.
At a news conference in December, city officials said the money came with the requirement that it be used on pedestrian safety measures such as the road narrowing project.
Attorney Keith Davis represents the Caesars, Tropicana, Resorts, Bally’s and Hard Rock casinos, and the AtlantiCare hospital in Atlantic City. He argued that the city has no legal authority to alter traffic flows on the street, which is part of the city’s Tourism District.
Authority over that vast area of the city was ceded to a state agency, the Casino Reinvestment Development Authority, under a 2011 state law.
But the judge noted that the agency, commonly referred to as CRDA, was not part of the litigation and did not appear in court.
Even with two lanes in each direction, the main road through Atlantic City can be choked with traffic, particularly on days when one or more big concerts are in town.
The Casino Association of New Jersey, the trade group for the city’s casinos, wanted the judge to block the plan.
“The Atlantic City Boardwalk casino properties and AtlantiCare are disappointed in today´s ruling,” said Mark Giannantonio, president of the association and of Resorts casino. “We stand firm in our belief that this change in traffic patterns on Atlantic Avenue could have very real public health, safety and general welfare implications.”
The judge has scheduled a trial for February 2025. But Small noted that work on phase two of the project is due to begin in September, and should be completed long before any trial.
___
Follow Wayne Parry on X, formerly Twitter, at website green-lights narrowing of main road through Atlantic City…
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Aussie tennis star Thanasi Kokkinakis left fans stunned on Tuesday night after revealing he had a run-in with ‘junkies’ at Crown Casino in Melbourne.
Speaking courtside following his gripping five-set victory against Austrian Sebastian Ofner in front of a raucous crowd on John Cain Arena, the 27-year-old admitted the scars still remain from his defeat against Andy Murray 12 months ago at Melbourne Park.
Kokkinakis was sent packing in a 2023 epic which lasted five hours and 45 minutes – the second-longest match in Australian Open history, which finished around 4am.
To rub salt into the wound, the Adelaide-born star was then chipped about his defeat at the nearby gambling mecca by a couple he identified as drug addicts.
‘Obviously last year that one hurt. I [then] had a couple of junkies come up to me at Crown Casino ripping me for that loss against [Andy] Murray,’ he told commentator Adam Peacock on Channel Nine.
Aussie tennis star Thanasi Kokkinakis left fans stunned on Tuesday after revealing a run in with ‘junkies’ at Crown Casino in Melbourne
It followed Kokkinakis losing a five-set epic to Andy Murray last year – on Tuesday, the 27-year-old (pictured) beat Austria’s Sebastian Ofner to move through to the second round
‘Didn’t enjoy that too much, but glad I could make amends and win a five-setter here today.’
Kokkinakis – currently ranked 80 in the world – will attempt to reach the third round in his home Grand Slam for the first time in his career when he faces No.13 seed Grigor Dimitrov on Thursday.
The big serving Bulgarian will be brimming with confidence after winning the recent Brisbane International.
Dimitrov, 32, has also reached the semi-finals at the Australian Open, Wimbledon and US Open across his impressive career.
‘Grigor is a hell of a player, been doing this for a while now and he is in some great form right now,’ Kokkinakis said.
‘But yeah, I back myself…I’ve beaten high-ranked players before, I’ve lost to lower-ranked players. It’s a number.
‘It’s about coming out on the day and playing my best tennis – hopefully I can do that.’
MelbourneAdelaideAndy MurrayAustralian Open
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LOS ANGELES (AP) – A former Los Angeles City Council member was sentenced Friday to 13 years in prison for a pay-to-play bribery scandal involving real estate development projects.
José Huizar, 55, was sentenced by U.S. District Judge John F. Walter, who also ordered him to pay $443,905 in restitution to the city and $38,792 to the IRS.
Prosecutors said in a sentencing memorandum that Huizar chose “to place his own lust for money and power above the rights and interests of the people he was elected to serve.”
Huizar pleaded guilty a year ago to racketeering conspiracy and tax evasion.
Prosecutors said that from 2013 to 2017, Huizar masterminded a $1.5 million scheme tied to the approval of downtown high-rise developments while he chaired the city´s powerful Planning and Land Use Management Committee.
Huizar was accused of giving favorable treatment in exchange for cash, casino gambling chips, luxury stays in Las Vegas, expensive meals, prostitution services, flights, concert and no deposit online slots real money sports tickets, political contributions and funds to settle a sexual harassment lawsuit.
Multiple other individuals and companies were charged alongside Huizar or in related cases. Three have been sentenced, and five are awaiting sentencing. One has a pending retrial, and another is a fugitive.
Huizar must surrender to federal authorities by April 30.
His scheme was among a string of scandals that rocked the 15-member council in recent years.
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