France's Casino hired Morgan Stanley & Co and JPMorgan Chase & Co to list its global e-commerce platform spanning from Brazil to Thailand, a person familiar with the plan said on Tuesday, as the group faces competition from U.S. giant Amazon.com Inc and Chinese rival Alibaba (IPO-ALIB.N).Casino's Brazilian subsidiary, GPA SA, said in a securities filing that the group was preparing to combine the online units for a potential initial public offering in the United States. According to the source, who requested anonymity because the plans are private, the preference is for an IPO on the Nasdaq stock exchange.The deal would bring new firepower to an e-commerce player with more than $4 billion in annual sales in France, Brazil, Colombia, Thailand and Vietnam at a time when major rivals are expanding their global reach. Shares of Casino rallied almost 3 percent to 91.68 euros in early Wednesday trading in Paris.The French group, whose full name is Casino Guichard Perrachon & Cie, said that "a listing of the combined entity on the U.S. stock market, where many significant Internet technology players are listed, is being considered to speed up its development and boost visibility." It did not mention any advisers for the IPO.
Amazon.com, Inc. (Amazon.com) serves consumers through its retail websites and focus on selection, price, and convenience. Shares of AMZN fell by 4.09% or $-12.67/share to $297.38. In the past year, the shares have traded as low as $255.33 and as high as $408.06. On average, 4740790 shares of AMZN exchange hands on a given day and today's volume is recorded at 4683615.
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM fell by 1.62% or $-0.88/share to $53.34. In the past year, the shares have traded as low as $48.61 and as high as $61.48. On average, 19161800 shares of JPM exchange hands on a given day and today's volume is recorded at 25327416.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS fell by 2.03% or $-0.61/share to $29.46. In the past year, the shares have traded as low as $23.06 and as high as $33.52. On average, 12742600 shares of MS exchange hands on a given day and today's volume is recorded at 16285797.
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