A new deadline for rival bidders to present rescue offers for supermarket chain had been set for July 14 as the retailer reported a further drop in sales in the second quarter
Czech billionaire Daniel Kretinsky appeared to be nearing victory on Sunday in the battle to take over French retailer Casino after the 3F Holding consortium abandoned its bid, citing a “biased process” and lack of information.
The group is saddled with net debt of 6.4 billion euros and is teetering on the brink of default. “Today, after months of work, 3F has decided to not submit an offer,” 3F said in a statement. “3F has nevertheless decided … not to submit an offer and refuses to participate in a biased process - the company having obviously already chosen its buyer,” 3F said.In an interview with the Financial Times published on Sunday, Kretinsky said he had submitted a revised offer on Saturday to Casino.
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