Casino shares tumble on the stock market

The quotation of the Rallye share, the controlling holding company of Casino, was suspended Thursday at the request of the company pending a press release, we learned from Euronext. The listing of the other holdings of Casino CEO Jean-Charles Naouri, Foncière Euris and Finatis, was also suspended.

At 10:43 am, the Casino share fell by -6.3987% to 27.94 euros on the Paris Stock Exchange, the red light of the SBF 120. “The suspension of the parent company’s price suggests that a form of restructuring of the debt will intervene in these companies, “said Bruno Monteyne, analyst at Bernstein, in a note.

A Casino spokesperson said Rallye would issue a statement later today, without giving further details. The Saint-Etienne distribution group and its parent company Rallye are the subject of persistent concerns about their financial situation marked by heavy debt. Casino, whose rating by S&P appears in the speculative category, had to implement several successive asset disposal plans.

(With Reuters)