Xavier Niel, Partners Make €1.1 Billion Approach for Casino (3)

Billionaire Xavier Niel and two partners approached ailing French grocer Casino Guichard-Perrachon SA with a €1.1 billion ($1.19 billion) rescue plan, seeking to counter a rival offer from another group of investors.

Casino received a preliminary letter of intent from the trio, which seeks to boost the group’s equity by as much as €1.1 billion, including up to €300 million invested directly by them, the company said Wednesday. The trio would need to raise the rest from new partners and current creditors wishing to reinvest in the debt-laden retailer.

Xavier Niel

Photographer: Marlene Awaad/Bloomberg

“This proposal would be accompanied, to the extent necessary, by ...