PROMODES BID TO BUY CASINO FAILS

CAEN, France (FNS) -- French food retailer Promodes here last week launched a $4.54 billion hostile takeover attempt for its rival Casino, Saint Etiene, but the bid was rejected. Officials at Rallye, a holding company that owns 28% of Casino, said the chain was not for sale at any price. Christian Couvreaux, Casino's chief executive officer, said the two companies were pursuing different strategies

CAEN, France (FNS) -- French food retailer Promodes here last week launched a $4.54 billion hostile takeover attempt for its rival Casino, Saint Etiene, but the bid was rejected. Officials at Rallye, a holding company that owns 28% of Casino, said the chain was not for sale at any price. Christian Couvreaux, Casino's chief executive officer, said the two companies were pursuing different strategies and that Casino could compete without being taken over.

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