Casino CEO wants faster expansion in emerging markets, but rules out China entry |
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Thu, 31 May 2007 14:51
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PARIS (Thomson Financial) - Casino Guichard-Perrachon chief executive Jean-Charles Naouri said the French retailer wants to 'accelerate expansion' in emerging countries, but ruled out an entry into China.'We are looking at lots of things in emerging countries,' he told shareholders at Casino's AGM.'But we won't increase the financial load for the Casino group,' he added.Regarding China, Naouri said a market entry 'is ruled out ... because we want to be leader or joint leader in the countries where we are present'.After pulling out of Poland, the US and Taiwan over the past year, Casino's international business is focused mainly on South America and Southeast Asia.Concerning Casino's French activities, Jean-Charles Naouri repeated his criticisms of the Baud family, whom Casino recently removed from the head of the Franprix and Leader Price chains after poor trading.In an interview with Les Echos today, the CEO said the Bauds 'put their personal interests first', notably by 'raising prices to increase easily their profits'.Asked at the AGM about the cost of Casino exercising its option to buy out minority shareholders in Franprix and Leader Price from January 1, 2008, Naouri said the 450 mln eur provision in Casino's accounts 'more than covered' the eventuality.Casino currently holds 95 pct of Franprix and 75 pct of Leader Price.tfn.paris@thomson.comafp/gt/jrCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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