Laurus and Casino have signed an agreement with banks that will effectively put the ailing Dutch number two supermarket chain in Casino's hands.
The credit facility agreement struck between Laurus, Casino, ABN Amro, Rabobank and ING will give the banks a significant part of Laurus' share capital, which Casino has the option to buy, taking its stake to over 50%.
Assuming shareholders approve the deal on June 28, the company will finally be in a position to invest in the business, which reported a dismal set of first quarter figures this month, with poor performances in Spain and Belgium and high interest payments dragging the company into a net loss.
Joint purchasing will begin almost immediately.

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