Daniel Křetínský is close to taking control of Casino, as a group of investors led by billionaire Xavier Niel backed out of an effort to save the heavily indebted French food company. Křetínský won the backing of crucial creditors with a revised offer in which he committed to inject €1.2 billion into the company.

Casino, France's sixth-largest food retailer and employing 53,000 people in the country, had been under the control of Jean-Charles Naouri for decades, who contributed significantly to its growth but saddled it with a substantial debt of €6.4 billion. In an effort to avoid bankruptcy, the company engaged in voluntary negotiations with creditors to restructure its debt. Although Casino is struggling financially and losing market share to competitors, its convenience stores in central Paris and on the Côte d'Azur are still considered valuable assets. The company's problems have been exacerbated in part by underperforming hypermarkets in non-urban areas.

The latest offer includes a lower equity contribution compared to the previously proposed EUR 1.35 billion and a lower conversion of secured debt into equity of the company, which is now set at EUR 1.35 billion instead of EUR 1.5 billion. This change results in better conversion terms for secured creditors compared to the previous offer. While this latest development provides greater clarity on the future ownership of Casino, work is still ongoing to address the debt restructuring.

Křetínský's bid would give the consortium, which includes billionaire Ladreit de Lacharriere's Fimalac and Attestor, a 53% stake in Casino, whose shares have fallen more than 75% in the past year.