Nov 28, 2017

Ocado shares soar after it seals Groupe Casino deal

Ocado's shares have jumped by more than 20% after it finally announced a long-awaited international deal. The online grocer has announced a tie-up with with French supermarket giant Groupe Casino. Groupe Casino will also use Ocado's e-commerce technology to develop its own online business, starting with its sub-brand Monoprix. Ocado said it expects the Groupe Casino tie-up to be profitable by 2019. "Ocado's chief executive Tim Steiner said:"We believe that the scalable, modular end-to-end solutions provided by the Ocado Smart Platform will allow retailers such as Groupe Casino to build their online grocery offer in a way that is profitable and sustainable, creating value for customers, suppliers and shareholders.

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