Court in Holland Approves Casino Purchase of Cnova Shareholders
Casino, Guichard-Perrachon S.A has received authorization from the Enterprise Chamber of the Court of Appeal in Amsterdam regarding the buyout of the Cnova N.V. remaining shareholders. This ruling was rendered on the 11th of February 2025 which requires every Cnova shareholder to surrender their shares to Casino for a cash compensation of €0.09 per share.
The court stated that the payment per share must also include statutory interest beginning 30 June 2024 up until the date of the transfer. There is now an option for shareholders to voluntarily transfer their shares within a ten week timeframe. Further instructions for the transfer will be provided by Casino at a later date.
In order for shareholders who refuse to cooperate and transfer their shares, Casino will execute the judgement by placing the total buyout compensation for the outstanding shares into the depository account of the Dutch Ministry of Finance. These shares will automatically be transferred to Casino by operation of law once deposited. Afterwards, the former shareholders can claim their payment according to Dutch law.
The buyout is part of a broader plan by Casino who is trying to increase in shares of Cnova, which was publicly declared in October 2024. The decision guarantees that Cnova will be fully owned by Casino and will further deepen the integration of the e-commerce subsidiary into its parent company.
The casino will ensure that shareholders obtain all relevant information, such as the claim forms and translations for the applicable parts as well as a link to the fund’s website. All this information will be readily available in the company’s website soon.
