August 20, 2019 / 5:52 AM / 2 months ago

Retailer Casino raises offer to buy Exito's 50% stake in GPA

PARIS (Reuters) - French supermarket retailer Casino (CASP.PA) said it had raised its offer price to buy the 50% stake held in Brazilian retailer GPA (PCAR4.SA) by its Colombian unit Exito IMI.CN, as part of a plan to simplify its Latin American operations.

Casino, which is restructuring its Latin American operations as part of a broader plan to cut debts and improve its financial performance, said it would offer 113 reais ($27.7) per share for the GPA stake - up from a previous 109 reais offer.

Latin America, and particularly Brazil, has been a key contributor to Casino’s sales and profits, helping offset a weaker performance in France where price wars among supermarket companies have hit margins.

Reporting by Sudip Kar-Gupta; Editing by Subhranshu Sahu

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