Can a Czech billionaire rescue Casino?

It is something of a revolution in the country which once deemed yogurt-making to be a strategic industry. For the first time in the history of the fifth republic one of France’s big retail chains will be in foreign hands. Daniel Kretinsky, a Czech tycoon who made his fortune investing in coal and natural gas, is on the verge of taking control of the Casino group, which includes a chain of hypermarkets, as well as Monoprix and Franprix, two other retail chains, and convenience stores.In May Casino, collapsing under a mountain of debt, entered talks with creditors, shareholders and the French state to shore up its balance-sheet. Mr Kretinsky, whose existing 10% stake makes him the firm’s second-biggest shareholder, joined forces with Marc Ladreit de Lacharrière, a fellow billionaire whose holding company, Fimalac, is the third-biggest, to present a rescue plan. A trio of French tycoons, Xavier Niel, Matthieu Pigasse and Moez-Alexandre Zouari, came out with a rival offer, with the backing of Attestor, a hedge fund that owns a big slug of Casino’s debt.