Casino shares rise as Cnova unit kicks off flotation

lunes 3 de noviembre de 2014 08:22 GYT
 

* Cnova to raise up to $375 million in U.S. share sale

* Float value Cnova at over 4 billion euros

* Casino shares up nearly 3 pct in Paris, outperform sector

* Move comes amid active year for tech flotations

By Dominique Vidalon

PARIS, Nov 3 (Reuters) - Shares in French retailer Casino rose nearly 3 percent by midsession on Monday after its e-commerce business Cnova unveiled plans to raise as much as $375 million in a U.S. stock market flotation to fund its international expansion and innovation.

The move comes amid an active year for e-commerce IPOs which culminated in Chinese giant Alibaba's bumper New York flotation in September.

More recently however a lacklustre stock market debut by Europe's largest online fashion retailer Zalando in Frankfurt dented this tech euphoria and investors had been anxious to hear whether Casino was going ahead with plans to list the business on Nasdaq it had announced in June.

"It's a good news ... The deal would not have been launched if its chances of success were not significant," said CM-CIC analysts in a note.

By 1047 GMT, Casino shares gained 2.9 percent to 84.13 euros, outperforming the European retail sector, which was up 0.4 percent. (Reporting by Dominique Vidalon; Editing by David Holmes)