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...
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