Rallye-Casino Group Reveals Stock Pledges Amid Investor Concerns
- Holding companies say CEO Naouri will retain Casino control
- Complexity of deals is ‘staggering,’ Bernstein analyst says
Photographer: Brent Lewin/Bloomberg
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Casino Guichard-Perrachon SA chief Jean-Charles Naouri sought to allay concerns about his embattled French retail group’s complex financial web after a stock rout sparked by a legal defeat.
Listed companies controlled by Naouri released details on stock pledges in each other late Friday, and said that Naouri would remain in control of Casino, even if all of the pledged shares were seized by banks. There would also be no immediate legal impact on Casino’s debt if holding company Rallye SA lost control of the supermarket operator, Casino said in a statement.