France based food retailer Casino SA (PAR: CASP) is planning to sell its renewable energy unit GreenYellow, the company says it has already launched a process for the sale with an aim of closing the transaction before the tear is over.
The company made this revelation as a response to rumors which have being doing rounds courtesy of some media houses, Casino however says the offer has attracted no bid to date hence no final decision has been made yet on the matter. Casino own a 76% controlling stake in GreenYellow.
Last week, Les Echos reported that Casino had appointed Rothschild and four other banks for the sale of the renewable energy unit.
GreenYellow produces low-cost electricity which helps firms cut their power consumption costs. Back in February, Casino raised 200 million euros to fund future growth of the renewable energy unit.