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Casino in talks to sell discount chain Leader Price to Aldi France

Casino Guichard-Perrachon SA is in talks to sell its discount chain Leader Price to the French arm of German supermarket operator ALDI Einkauf GmbH & Co. oHG.

The companies entered into discussions after Casino received an expression of interest from Aldi France, which is expected to submit a binding offer.

The offer terms will be disclosed to the market if Casino accepts the bid, according to the release.

The announcement comes after Casino's board approved a new €2 billion asset disposal plan in August. This follows its existing plan to dispose of 2.5 billion worth of assets by the first quarter of 2020, of which €2.1 billion of asset sales have already been agreed upon.

In March, Casino completed its previously announced plan to sell about €1.5 billion of assets.

Earlier this year, the French retailer disposed of 12 of its Géant Casino hypermarkets and 20 Monoprix and Casino supermarkets to funds managed by affiliates of Apollo Global Management Inc. for 470 million. It also sold its catering service R2C to U.K.-based food services company Compass Group PLC.