PARIS (Reuters) - Offers for Casino's supermarkets and hypermarkets will have to be transformed into firm bids before Dec. 20, Casino unions said on Thursday following a meeting with the consortium that plans to take over the ailing French retailer.
"Management and the consortium have confirmed they have received expressions of interest from several players in the retail industry," unions said in a statement after meeting with consortium representatives Philippe Palazzi and Denis Olivennes.
Casino said last week that it had received "preliminary indicative offers from several purchasers" for an unspecified number of the hypermarkets and supermarkets it has put up for sale to raise cash.
It gave no further details but French media have reported that Auchan and Intermarche are among the bidders. Other potential candidates also include Carrefour (EPA:CARR) and German discount group Lidl.
Casino averted bankruptcy in early October, agreeing a debt restructuring with its main creditors in a deal with a consortium led by Czech billionaire Daniel Kretinsky.
France's sixth-largest supermarket group was brought to the verge of default after years of debt-fueled acquisitions and recent losses in market share to rivals.
"The consortium...confirmed its support for Casino's plan to sell all of its hypermarkets and supermarkets," the unions said, adding this would entail major social costs for staff, and that store operators will have to move to a franchise model.
The five unions, who said they represent all Casino staff, said regular meetings with the consortium are planned, with the next set for Dec. 19. They added that all forms of action could be considered but issued no immediate threat of strikes.
The Kretinsky-led consortium includes Kretinsky's company EPGC alongside Casino's biggest creditor Attestor, its second-biggest shareholder Fimalac and the retailer's secured creditors.