Both the parent company and its subsidiary Go Sport have been under attack and has now filed for bankruptcy protection
The parent company of French grocery chain Casino insisted on Friday that there would be no consequences for some of the country’s best-known supermarket brands after it filed for bankruptcy protection following a long battle with hedge funds.
But Rallye said that Casino as well as sports chain Go Sport, which it also owns, “were not concerned” by the proceedings, which involved only the majority shareholder. Rallye owns 51.7% of Casino, which is controlled through a complex holding structure by French businessman Jean-Charles Naouri. Analysts said that for all the assurances from Rallye, the bankruptcy protection could result in major changes for Casino’s shareholder structure and Naouri’s control.
One of Naouri’s most implacable foes over the last years has been the activist US investment firm Muddy Waters, known for its in-depth investigations into complex ownership structures and operations. In December 2015 it accused Naouri of allowing Casino to be “hollowed out to support an unsustainable debt burden in the holding companies above it” and misleading investors about its finances.
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