By Pietro Lombardi

Casino Guichard-Perrachon SA (CO.FR) is in talks with German competitor Aldi to sell its Leader Price chain of discount stores, the French retailer said late Thursday.

The company's statement confirms a report from French daily Les Echos and comes as the company is trying to tackle its debt burden. Its majority shareholder Rallye SA (RAL.FR) has entered into bankruptcy protection in France.

The talks, which started after Aldi sent an expression of interest for Leader Price, are aimed at the submission of a binding offer, Casino said.

No financial details were disclosed, but Les Echos said the deal could be worth more than 400 million euros ($441.9 million).

Last month Casino said that it had identified around EUR2 billion of assets in France that it intends to sell, in addition to a separate EUR2.5 billion disposal plan.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

September 20, 2019 01:56 ET (05:56 GMT)

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