04/05/2012 07:34:00

Casino Sells 9.8% Of Mercialys, Receives EUR138 Million In Cash

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PARIS -(Dow Jones)- French retailer Casino Guichard Perrachon SA (CO.FR) Friday said it has sold 9.8% of its stake in commercial real estate company Mercialys SA (MERY.FR), representing a EUR138 million cash proceed.

The transaction was done through an equity swap with Credit Agricole Corporate and Investment Bank, a unit of Credit Agricole SA (ACA.FR).

"This transaction, which follows the disposal to bring Casino's stake in Mercialys down to below 50% on April 25, enables an optimal reclassification of these stocks," Casino said in a statement.

Casino noted it will remain a key partner of Mercialys, in which it now holds a 40.2% stake.

As part of a new strategy, Mercialys made a first exceptional dividend distribution on April 20 and Casino received EUR532 million, bringing the total amount of cash it has received from Mercialys to EUR670 million.

-By Geraldine Amiel, Dow Jones Newswires; +33 1 40171767; geraldine.amiel@dowjones.com

(END) Dow Jones Newswires

May 04, 2012 02:34 ET (06:34 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

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Credit Agricole 10.91 -0.7% Stock price decreasing
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