Thai BJC shareholders approve $6.2 billion Big C buy

Thailand’s Berli Jucker shareholders have voted in favor of a $6.2 billion acquisition of hypermarket operator Big C Supercenter Pcl (BIGC.BK) from France’s Casino Group.

Some 99.99 percent of voters approved the plan at Monday’s meeting, two financial sources who attended it said.

Berli, the core retail business of Thai tycoon Charoan Sirivadhanabhakdi’s TCC group, won a hotly contested auction for Casino’s 58.6 percent stake in Big C.

Earlier, Casino said it was on track to reduce debt as promised after Standard & Poor’s cut the French retailer’s credit rating to junk, citing falling profits, weakness in Brazil and competition at home.

The Thai group secured $6.2 billion short-term financing deal with 15 banks to fund the Big C acquisition on Wednesday.

Berli is expected to pay Casino by the end of March and the company will buy the remaining shares from minority shareholders in a tender offer, to be completed by May, one source said.