France's Casino sells Venuzuela unit to government
French supermarket chain Casino said Friday it had sold its Venezuelan unit Cativen to the government there for $622.5 million.
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Casino said in a statement it agreed to sell a 67.1 per cent stake in Cativen to the state, keeping a 19.9 per cent holding and continuing to provide support for the business.
Cativen operates six hypermarkets under the Exito brand, 35 Cada supermarkets and eight distribution centres serviced by 100 trucks.
Venezuela President Hugo Chavez has been nationalising companies in key sectors of the economy and last month the Exito business was taken over amid allegations of speculative price manipulation.
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