Warsaw, May 19 - French retailer Casino wants to sell its Polish operations, seen worth at least $1.5 billion, as the company seeks cash to lower its debt, sources familiar with the situation said on Friday.
Potential investors for the assets -- 18 hypermarkets under the Geant brand and 279 Leader Price discount stores -- may include Polish market leaders: Britain's Tesco and France's Carrefour, the sources told Reuters.
"Casino is taking steps to sell its Polish operations. It is only a matter of price. Casino needs cash and the (Polish retail) market is not that attractive because the competition is stiff," said one of the sources, who asked not to be named.
Two other independent sources familiar with the situation confirmed the sale plans.
No one at Casino in France was immediately available for comment, while Casino's Geant Polska said only that the company planned to expand further in Poland by opening four shopping centres next year.
"Carrefour and Tesco both look interested. Previously there was a chance that Germany's Metro might bid, but now they do not seem to be interested," one of the sources added.
One of the sources said the assets may be worth about 6.5 billion zlotys ($2.10 billion), while an investment banker in Warsaw said the deal might fetch at least the 4.5 billion zlotys that Casino invested in Poland.
Tesco Poland said it had no plans to buy Casino's operations while Carrefour was not immediately available for comment.