Latham and Jones Day check out on French supermarket deal
Gide Loyrette Nouel and Latham & Watkins are among a line-up of firms to have advised on a deal that has seen French retail giant Casino take control of rival supermarket chain Monoprix. Last July, Casino and French department store Galeries Lafayette ended a dispute over their joint ownership of Monoprix, which saw Lafayette agree to give up its 50% stake to Casino for €1.175bn (£1bn).
September 05, 2013 at 07:03 PM
2 minute read
Gide Loyrette Nouel and Latham & Watkins are among a line-up of firms to have advised on a deal that has seen French retail giant Casino take control of rival supermarket chain Monoprix.
Last July, Casino and French department store Galeries Lafayette ended a dispute over their joint ownership of Monoprix, which saw Lafayette agree to give up its 50% stake to Casino for €1.175bn (£1bn).
The deal has now been cleared by the French Competition Authority, allowing Casino to acquire the remaining 50% stake on the condition it sells 58 stores.
The stake is held by a subsidiary of Credit Agricole Corporate and Investment Bank through a temporary holding arrangement.
Four firms advised Casino on the deal, including Gide – which fielded a team led by M&A partners Antoine Lelong and Axelle Toulemonde – and Paris firm Viguie Schmidt Peltier Juvigny.
Fellow French firm Darrois Villey Maillot Brochier also provided corporate and M&A advice to Casino with a team comprising partners Jean-Michel Darrois, Emmanuel Brochier and Olivier Huyghues Despointes. Jones Day also took a role, with banking and finance partner Alban Caillemer du Ferrage heading up the US firm's team.
Meanwhile, Galeries Lafayette was advised by Paris firm Ginestie Magellan Paley-Vincent, while Credit Agricole Corporate and Investment Bank was advised by Latham corporate partner Olivier du Mottay and competition partner Frederic Pradelles.
Monoprix is Paris' largest supermarket group and 55 of the stores to be sold are located in the capital, with the remaining three in the French provinces.
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