Casino says it plans to sell renewable energy unit, according to Reuters

© Reuters. People walk past a Casino supermarket in Nice, France, January 31, 2022. REUTERS / Eric Gaillard / Files

PARIS (Reuters) – French retailer Casino said in a statement it had kicked off the process of selling its renewable energy unit GreenYellow with a target of potential year-end trading, sending its shares up 3. ,6%.

On Friday, French financial daily Les Echos reported that French energy giant TotalEnergies and electric power company Engie are eyeing the acquisition of GreenYellow, worth around 1.5 billion euros (1.56 billion euros). billion USD).

Casino, which said its statement was in response to market rumors reported by the press, said that the Casino has not received a binding offer to date and no final decision has been made on the project yet. this.

At 0825 GMT, Casino shares were up 3.9% at 18.76 euros, outperforming the Paris stock market, which was down 0.2%

Les Echos reported last week that Casino, which owns a 76% stake in GreenYellow, has appointed Rothschild and four other banks to sell the company.

GreenYellow, which produces cheap electricity and helps reduce companies’ electricity consumption, said in February it had raised about 200 million euros to support future growth.

Casino, which last month reported that group sales grew again in the first quarter, has also embarked on a sell-off of non-core assets to cut debt in recent years.

(1 dollar = 0.9596 euros)

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