French supermarket chain Casino Guichard Perrachon has announced that it intends to scrap its plans to take out a FF160m ([euro]24.4m) stake in Philippine food distribution company Uniwide Holdings. The Philippine firm could not agree on a restructuring plan for the company, which is facing mounting debts. The company said in a statement regarding the collapse of the plans, "In spite of efforts made, the take-over plan proposed by Casino did not receive the preliminary agreement required by the creditors, particularly banks, involved in the restructuring plan." Casino's ambitions for the Philippine supermarket sector have not been dampened. Casino is still interested in entering the Philippines. The original deal, announced back in February of 2000, would have given Casino an 82% stake in Uniwide, as well a distribution centre and five areas of land earmarked for development.

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