French retail giant Carrefour has announced that it is considering the purchase of franchisee Guyenne et Gascogne. The news comes as the retail giant looks to revive its operations in its home country.
Carrefour is offering at least €494 million in cash to buy Guyenne et Gascogne. The negotiations include an option to be paid in Carrefour shares; 57 per cent of G&G’s shareholders have agreed to tender their shares in the deal. The retailer has stated that it will partly fund the deal with €153 million by selling its stake in the Altis joint venture.
Guyenne & Gascogne stock fell sharply after the French retailer offered to buy its main French franchisee for less than the stock’s trading price. (13 Dec)
© 2011 - ESM: European Supermarket Magazine
