The Colombian business sector was shaken last Monday by the news of the possible sale of the Success Group by its majority partner, the Casino Group, from France.
It should be noted that Éxito is the sixth company in sales in the country and the largest in the sector with 15.1 trillion pesosaccording to the most recent report on the financial balance of 2022 of the Superintendency of Companies.
(You can read in context: These are the figures that Almacenes Éxito moves, which could change owners)
according to the newspaper BriefcaseFrom this publishing house, Grupo Éxito requested information about its intentions from Casino, as did GPA, which is the current controlling shareholder of the retail chain that operates in Colombia.
However, Éxito will insist that it continue the operation to segregate the Éxito and GPA businesses, as it has done in recent months and that it will maintain its strategic expansion and strengthening plan.
Regarding this issue, Casa de Bolsa’s Equity Manager, Ómar Suárez, explained to the newspaper Briefcase that the information provided by Casino is “quite preliminary”.
However, he said that the spin-off of Éxito shares from GPA will soon take place, which will allow the company to have BDRs in Brazil, ADRs in the United States and shares in Colombia.
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This “is to release value or to better recognize the value of both the operation in Brazil (GPA) and the operation in Colombia, Uruguay and Argentina, where Grupo Éxito is located,” Suárez told the aforementioned outlet.
“I don’t know if these moves are related to a better value for a possible future divestment from Casino”added the expert.
“GPA and Éxito are assets that may be sold within the framework of Grupo Casino’s three-year asset sale plan and, to date, there are no milestones or ongoing sale processes for GPA. The only active project at the moment that involves these two companies is the segregation of the Éxito and GPA businesses,” he said.
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