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French retailer Casino plans €1.5B asset sale

French retailer Casino Guichard-Perrachon SA said June 11 that it will carry out a €1.5 billion asset disposal plan, with an aim to reduce its net debt in France by around €1 billion by year-end.

Casino said it identified "non-core assets" in its portfolio, including real estate, which could be sold. It expects half of the disposals to be completed this year, with the other half done in early 2019.

The company noted that the plan complements its ongoing process to dispose of Brazilian retail unit Via Varejo SA. In March, it was reported that Casino was in talks with Amazon.com Inc. about a potential deal regarding the business.

Casino also said its investments were being focused on its most productive business areas, such as the French e-commerce site Cdiscount.

In early morning trading in Paris on June 12, Casino shares were up 5.53%, or €1.82, at €34.74.