French retailer Casino has announced its acquisition of a 60% stake in Philippines hypermarket group Uniwide for FF397m (??60.5m). The deal includes ten hypermarkets, a distribution centre and five plots of land. Casino expects to invest FF160m to renovate the acquired holdings over the next two years. Uniwide was declared to have suspended all payments last June and is urgently in need of the cash boost it has just been offered. And its new French owner also declared itself more than happy with the deal, saying: "With a population of 78 million and benefiting from the recovery of Asian economies, the Philippines represent real growth prospects for us."

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