En décembre 2015, Muddy Waters Capital avait mis en garde le marché contre Casino, Rallye et leur management, en particulier Jean-Charles Naouri. Nous avions déclaré que Casino était en train d’être vidé de sa substance afin de supporter le fardeau de dette insoutenable des holdings situées au-dessus de lui. Nous avons également précisé que Casino était en train d’induire les investisseurs en erreur sur ses finances afin de perpétuer cette structure qui sert essentiellement les intérêts d’un seul individu: M. Naouri.
L’annonce, aujourd’hui, de l’entrée en procédure de sauvegarde de Rallye, Finatis, Euris et Foncière Euris, à cause de difficultés financières, marque probablement le début de la fin de cette structure de financement parasite de Casino depuis des années. C’est aussi une justification retentissante des avertissements que nous avons lancés en 2015. Cependant, nous ne nous réjouissons pas.
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