Cnova N.V.: Enterprise Chamber approves buy-out of minority shareholders
Cnova N.V. (CNV) announced that the Enterprise Chamber of the Court of Appeal in Amsterdam has approved Casino's buy-out of minority shareholders at EUR 0.09 per share. The price will be increased by statutory interest from June 30, 2024, until the transfer date or consignment date.
Shareholders can voluntarily transfer their shares to Casino during a ten-week period, with details to be announced shortly. After this period, Casino will enforce the judgment by paying the remaining buy-out price to the Dutch Ministry of Finance's consignment fund. Once completed, Casino plans to request delisting of Cnova's shares from Euronext Paris.
Cnova, the French ecommerce leader serving 7.0 million active customers through Cdiscount, offers B2C services including competitively priced goods and convenient delivery options, while also serving B2B clients through Octopia, Cdiscount Advertising, and C-Logistics.
Cnova N.V. (CNV) ha annunciato che la Camera di Commercio del Tribunale d'Appello di Amsterdam ha approvato l'acquisto da parte di Casino delle azioni degli azionisti di minoranza a EUR 0,09 per azione. Il prezzo sarà aumentato dagli interessi legali a partire dal 30 giugno 2024, fino alla data di trasferimento o di consegna.
Gli azionisti possono trasferire volontariamente le loro azioni a Casino durante un periodo di dieci settimane, con dettagli che saranno annunciati a breve. Dopo questo periodo, Casino farà valere la sentenza pagando il prezzo rimanente di acquisto al fondo di deposito del Ministero delle Finanze olandese. Una volta completato, Casino prevede di richiedere il delisting delle azioni di Cnova da Euronext Paris.
Cnova, il leader francese dell'ecommerce che serve 7,0 milioni di clienti attivi tramite Cdiscount, offre servizi B2C che includono prodotti a prezzi competitivi e opzioni di consegna convenienti, mentre serve anche clienti B2B tramite Octopia, Cdiscount Advertising e C-Logistics.
Cnova N.V. (CNV) anunció que la Cámara de Comercio del Tribunal de Apelación de Ámsterdam ha aprobado la compra de acciones de minoría por parte de Casino a EUR 0,09 por acción. El precio se incrementará con intereses legales a partir del 30 de junio de 2024, hasta la fecha de transferencia o de consignación.
Los accionistas pueden transferir voluntariamente sus acciones a Casino durante un período de diez semanas, con detalles que se anunciarán en breve. Después de este período, Casino hará cumplir el fallo pagando el precio de compra restante al fondo de consignación del Ministerio de Finanzas de los Países Bajos. Una vez completado, Casino planea solicitar el deslistado de las acciones de Cnova de Euronext París.
Cnova, el líder francés en comercio electrónico que atiende a 7,0 millones de clientes activos a través de Cdiscount, ofrece servicios B2C que incluyen productos a precios competitivos y opciones de entrega convenientes, mientras que también atiende a clientes B2B a través de Octopia, Cdiscount Advertising y C-Logistics.
Cnova N.V. (CNV)는 암스테르담 항소법원의 기업 상임위원회가 Casino의 소액주주 매입을 주당 0.09 유로에 승인했다고 발표했습니다. 이 가격은 2024년 6월 30일부터 이체일 또는 인도일까지 법정 이자에 의해 증가합니다.
주주들은 10주 동안 자발적으로 자신의 주식을 Casino에 양도할 수 있으며, 세부 사항은 곧 발표될 예정입니다. 이 기간이 지나면 Casino는 네덜란드 재무부의 보관 기금에 남은 매입 가격을 지급하여 판결을 집행할 것입니다. 완료되면 Casino는 Cnova의 주식이 Euronext Paris에서 상장 폐지되도록 요청할 계획입니다.
Cnova는 Cdiscount를 통해 700만 명의 활성 고객에게 서비스를 제공하는 프랑스 전자상거래 선두주자로, 경쟁력 있는 가격의 상품과 편리한 배송 옵션을 포함한 B2C 서비스를 제공하며, Octopia, Cdiscount Advertising 및 C-Logistics를 통해 B2B 고객에게도 서비스를 제공합니다.
Cnova N.V. (CNV) a annoncé que la Chambre de Commerce de la Cour d'Appel d'Amsterdam a approuvé le rachat par Casino des actionnaires minoritaires à 0,09 EUR par action. Le prix sera augmenté des intérêts légaux à partir du 30 juin 2024, jusqu'à la date de transfert ou de consignation.
Les actionnaires peuvent transférer volontairement leurs actions à Casino pendant une période de dix semaines, dont les détails seront annoncés prochainement. Après cette période, Casino appliquera le jugement en payant le prix de rachat restant au fonds de consignation du Ministère des Finances néerlandais. Une fois terminé, Casino prévoit de demander le retrait des actions de Cnova de l'Euronext Paris.
Cnova, le leader français du commerce électronique servant 7,0 millions de clients actifs via Cdiscount, propose des services B2C comprenant des produits à prix compétitifs et des options de livraison pratiques, tout en servant également des clients B2B via Octopia, Cdiscount Advertising et C-Logistics.
Cnova N.V. (CNV) gab bekannt, dass die Unternehmenskammer des Berufungsgerichts in Amsterdam die Übernahme der Minderheitsaktionäre durch Casino zu 0,09 EUR pro Aktie genehmigt hat. Der Preis wird ab dem 30. Juni 2024 bis zum Übertragungs- oder Einzahlungsdatum um gesetzliche Zinsen erhöht.
Aktionäre können während eines Zeitraums von zehn Wochen freiwillig ihre Aktien an Casino übertragen, wobei die Einzelheiten in Kürze bekannt gegeben werden. Nach diesem Zeitraum wird Casino das Urteil durch Zahlung des verbleibenden Übernahmepreises an den Einzahlungsfonds des niederländischen Finanzministeriums durchsetzen. Nach Abschluss plant Casino, die Abmeldung der Cnova-Aktien von Euronext Paris zu beantragen.
Cnova, der französische Marktführer im E-Commerce, der 7,0 Millionen aktive Kunden über Cdiscount bedient, bietet B2C-Dienstleistungen an, die wettbewerbsfähige Preise und bequeme Lieferoptionen umfassen, während es auch B2B-Kunden über Octopia, Cdiscount Advertising und C-Logistics bedient.
- Definitive resolution of minority shareholder situation through court-approved buyout
- Clear exit path provided for minority shareholders
- Low buyout price of EUR 0.09 per share indicates minimal company valuation
- Planned delisting from Euronext Paris will reduce stock liquidity
- Loss of public trading status and reduced market visibility
Insights
The Enterprise Chamber's approval of Casino's minority shareholder buy-out at
The structured buy-out process demonstrates careful consideration of shareholder interests through its two-phase approach: a voluntary 10-week transfer period followed by mandatory enforcement. This mechanism, while ensuring efficient execution, also provides important protections through the Dutch Ministry of Finance's consignment fund, which safeguards minority shareholders' interests even after the forced transfer.
The planned delisting from Euronext Paris following the buy-out completion signals Casino's strategic intent to streamline operations and reduce administrative overhead. This move aligns with broader industry trends where parent companies are consolidating control of digital assets to enhance operational efficiency and strategic flexibility in the highly competitive e-commerce sector.
For minority shareholders, the statutory interest provision from June 30, 2024, serves as a compensatory mechanism for the time value of money, though the base price of
The transaction's structure through the Dutch legal system, utilizing the Enterprise Chamber, sets an important precedent for cross-border corporate actions within the EU, particularly for companies with complex multinational ownership structures. This legal framework provides a clear path for similar future transactions while ensuring appropriate judicial oversight of minority shareholder interests.
CNOVA N.V.
Enterprise Chamber approves buy-out of minority shareholders
AMSTERDAM – February 12, 2025, 08:15 CET Cnova N.V. (Euronext Paris: CNV; ISIN: NL0010949392) (“Cnova” or the “Company”) today announces that the Enterprise Chamber of the Court of Appeal in Amsterdam, the Netherlands (the "Enterprise Chamber") has rendered its judgment in the buy-out proceedings initiated by Casino, Guichard-Perrachon S.A. (Euronext Paris: CO; ISIN: FR001400OKR3) ("Casino") against the other shareholders of Cnova.
The Enterprise Chamber has ruled that the buy-out price offered by Casino of EUR 0.09 per share in Cnova is fair and has ordered the transfer of all shares in Cnova held by the other Cnova shareholders to Casino, in exchange for a payment of EUR 0.09 per share in cash, to be increased by statutory interest from June 30, 2024 until the date of transfer of the shares or the date of consignment (as explained below).
Shareholders of Cnova may comply with the Enterprise Chamber's judgment voluntarily by transferring their shares in Cnova to Casino. Casino will shortly announce modalities and other details for the voluntary transfer which should be open for a period of ten weeks. Shareholders will then have to contact their bank, broker or financial intermediary to obtain information on how to transfer their shares in Cnova to Casino.
On or shortly after the end of the period for voluntary transfer, Casino will enforce the Enterprise Chamber’s judgment against all shareholders who did not participate in the voluntary transfer, by paying the aggregate buy-out price for the remaining shares in Cnova to the consignment fund of the Dutch Ministry of Finance, as a result of which such shares will be transferred to Casino unencumbered and by operation of law. Subsequently, former shareholders will only be entitled to payment of the buy-out price from the consignment fund of the Dutch Ministry of Finance in accordance with applicable laws and regulations. The link to the website of the consignment fund, an informal English translation of the relevant pages and the form through which shareholders can claim the buy-out price at the consignment fund, will be published on Casino's website.
Casino announced earlier that once the buy-out proceedings are completed, it would contemplate to ask for the delisting of Cnova’s shares from Euronext Paris. Cnova intends to accommodate this request and take all actions required to effectuate the delisting.
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About Cnova N.V.
Cnova N.V., the French ecommerce leader, serves 7.0 million active customers via its state-of-the-art website, Cdiscount. Cnova N.V.’s product offering provides its B2C clients with a wide variety of very competitively priced goods, fast and customer-convenient delivery options, practical and innovative payment solutions as well as travel and entertainment services. Cnova N.V. also serves B2B clients internationally through Octopia (Marketplace-as-a-Service solutions), Cdiscount Advertising (advertising services for sellers and brands) and C-Logistics (end-to-end logistic ecommerce solution). Cnova N.V. is part of Casino group, a global diversified retailer. Cnova N.V.'s news releases are available at www.cnova.com. Information available on, or accessible through, the sites referenced above is not part of this press release.
This press release contains regulated information (gereglementeerde informatie) within the meaning of the Dutch Financial Supervision Act (Wet op het financieel toezicht) which must be made publicly available pursuant to Dutch and French law. This press release is intended for information purposes only.
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| Cnova Investor Relations Contact: investor@cnovagroup.com Tel : +33 6 79 74 30 94 | Media contact: directiondelacommunication@cdiscount.com Tel: +33 6 18 33 17 86 cdiscount@vae-solis.com Tel : +33 6 17 76 79 71 |
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FAQ
What is the approved buyout price for Cnova (CNV) minority shareholders?
How long is the voluntary transfer period for CNV shareholders to sell their shares to Casino?
What happens to CNV shares if shareholders don't participate in the voluntary transfer?
Will Cnova (CNV) remain listed on Euronext Paris after the buyout?
