Groupe Casino has gained final clearance from the French Competition Authority to assume full control of its joint venture partner Monoprix Group. However, the retailer is required to dispose of 10% of its stores. Casino had agreed to sell 55 stores in Paris, out of around 500 operated by the group in the French capital-and three in the rest of the country.
The decision follows a probe into the move by Casino to acquire a further 50% stake in the inner city store chain Monoprix from its joint venture partner Galeries Lafayette. In 2012, an investigation carried out by the authority to look into the food retail market in Paris found that Casino had a significant market share in Paris where the company operates more than 60% of food retail sales space, more than three times that of its main competitor Carrefour SA. Casino said in a statement that the approval allows Casino to continue its development of Monoprix and that the store disposals required amount to less than 1% of Casino’s revenue in France.