Galeries Lafayette Sells €1B Monoprix JV Stake To Casino

Law360, New York (June 29, 2012, 3:26 PM EDT) -- French food retailer Groupe Casino has agreed to pay €1.18 billion ($1.5 billion) for Groupe Galeries Lafayette's 50 percent share in retail chain Monoprix SA, breaking up a joint venture between the two and ending a dispute over the stake's value, Casino said Friday.

The pair, which has had split ownership of Monoprix since 2000, signed a letter of intent to switch over Galeries Lafayette's portion by the end of October 2013, they said. Under the preliminary agreement, the companies will drop pending legal action against...
To view the full article, register now.