Carrefour denies weighing bid for French retail rival Casino

Carrefour denies weighing bid for French retail rival Casino

French retailer denied on Wednesday that it was examining a potential bid for debt-laden , after BFM TV reported the firm was weighing up an all-share offer for its rival.

"There is no offer, or any draft of an offer, on the table," a spokeswoman for Carrefour said. Casino declined to comment.

BFM reported that Carrefour had been examining a potential offer for several weeks, citing several unidentified sources.

Initial talk around a bid would value Casino at 4-4.2 billion euros, or a 25% premium to its market value at the end of June, BFM said.

The two groups were already locked in a dispute amid talk last year of a Carrefour takeover bid for Casino. Casino said in September 2018 that it had rejected a tie-up approach from Carrefour, which Carrefour denied making.

Casino has been struggling in a tough business climate in France, where the impact of a price war among supermarket operators has dented retailers' profit margins.

Casino CEO and controlling shareholder Jean-Charles Naouri is hunting for ways to ease the company's debts, and those of parent company , in part through asset sales.

In May, Rallye was placed under protection from creditors. Last week, Czech businessman Daniel Kretinsky and Slovak partner Patrik Tkac bought a 4.63% stake in Casino