Who will win the bet? Philippe Ginestet, a great poker fan, does not have the best hand at this table where he was forced to sit. The Villeneuvois boss, faced with the difficulties encountered by Gifi, had no other choice than to put his business, which has a turnover of 1.3 billion, up for sale. Since then, letters of intent for the takeover have been sent.
From good sources, it appears that six of these missives showing interest in the discounter were sent. Among them, AFP cites the family group of Moez-Alexandre Zouari, owner of Maxi Bazar and Stockomani, brands competing with Gifi (which could, if necessary, pose problems for the Competition Authority). The name of the Carrefour group is mentioned, as well as that of a foreign operator. Other candidates can still raise their fingers. But the conclusion of the affair will not occur in the short term given the size of the group. The sales mandate comes as part of a conciliation procedure initiated this summer under the aegis of the president of the Toulouse commercial court.
Philippe Ginestet still has the hand. Without his agreement, no sale can take place.
What scenarios?
Unlike a transfer plan which would take place within the framework of a collective procedure, for example a judicial recovery, Philippe Ginestet still has control. Without his agreement, no sale can take place. If an agreement can be reached quickly provided that all parties agree, we are at this stage, according to a source close to the matter, not yet discussing specific offers. Here, the question of real estate could be a barrier.
At this stage, Philippe Ginestet is only a seller of the Gifi brand, the commercial company. However, the founder of Gifi owns, via another entity, the GPG group which he chairs, the real estate of its 700 stores. Not sure that buyers are all willing to give in on this subject. They could demand, under penalty of withdrawing their offer, to include all or part of this real estate complex.
Can Philippe Ginestet bring himself to cede this empire that he built from nothing? But will he have a choice? At the head of a group which is wavering in the face of protean competition, the absence of an agreement could this time precipitate it into collective proceedings before the commercial court. The Lot-et-Garonne boss would then no longer have control. It's not his habit.
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