Křetinský selling off shares in French retailer Casino

The Czech businessman Daniel Křetinský has reduced his investment vehicle VESA's stake in the French retailer Casino to just 3.5 percent of the voting rights. As recently as March, Křetinský seemed to be tightening his hold on the company when he'd established a 6.88 percent holding of the company's total capital and 5.17 percent of the voting rights. It was at this time that he agreed to provide Casino with €233m to refinance outstanding debt that its parent company Rallye had agreed with financial institutions. It's thought that discussions were being held at that time to make him a member of the board. However, this wasn't to be. In April Křetinský sold some of his shares to take him back under the 5 percent threshold. Earlier this month, the French financial group Fimalac received a seat on the board instead of Křetinský.