Carrefour looks to be moving toward the rumoured exit from the Turkish market, decreasing its majority stake in its business there.
The retailer has sold a 12 per cent stake in its Turkish operations to its partner in the venture, Sabanci Holding, according to LSA. The move decreases Carrefour's shareholding to 46.2 per cent, while Sabanci now has a 50.8 per cent stake in the business.
The transaction, worth some €60 million, will be effective by July. The remaining 3 per cent stock is floating. LSA quoted a spokesperson as saying, "The idea is to give more freedom to our local partner for the development." (30 April)
© 2013 - ESM: European Supermarket Magazine by Sadhbh Connor
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