French retailer group Casino said on Monday that the nationalization by the government of Hugo Chávez of its subsidiary Éxito stores in Venezuela, which is also owned by a Colombian company, "changes nothing for the growth outlook and profitability of the group," a spokesperson of the company said.
Éxito, which is located in Venezuela, represents "about 1 percent" of the current turnover of the French retailer and the contribution of the Venezuelan unit to the group profit was "almost zero," said the source.
Questioned about whether the group would file any legal complaint, the source said that the company "is assessing the situation."
Casino owns 67.1 percent of Cativen, a subsidiary which operates six Exito hypermarkets and around 35 Cada supermarkets in Venezuela.
ELECTRICITY Since the crisis of 2010, electric power consumers have failed to get rid of the ups and downs of power supply, monitoring, and regulations enforced by the electric power authority, Corpoelec.