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Retail

Carrefour To Repurchase 25 Million Shares From Galfa

By Dayeeta Das
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Carrefour To Repurchase 25 Million Shares From Galfa

French retailer Carrefour has agreed to buy back 25 million shares, representing around 3.5% of its capital, from Galfa, a subsidiary of Motier.

Following the transaction, Galfa's stake in Carrefour will represent 7.71% of the capital and 13.3% of the voting rights.

The repurchase is part of Carrefour's €700-million share buyback programme.

'Share Buybacks Under Favourable Conditions'

Alexandre Bompard, chairperson and CEO of Carrefour stated, "This transaction, which enables us to accelerate our share buybacks under favourable conditions for all stakeholders, illustrates the friendly and trusting relationship between Carrefour and Motier, whom we thank for their ongoing support."

The retailer added that its board of directors unanimously approved the transaction after obtaining the opinion of Cabinet Finexsi.

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The sale price of €365 million will be paid over the next few days, and the repurchased shares will be delivered after the detachment of the annual dividend, following the annual general meeting on 24 May 2024, the retailer added.

'A Long-Term Shareholder'

Philippe Houzé, vice-chair of Motier and Carrefour's board of directors said, "Since acquiring a stake in Carrefour in 2014, ten years ago, Motier has always positioned itself as a long-term shareholder, convinced of the relevance of the strategy led by Alexandre Bompard, its chair and CEO, with the support of all teams.

"We have no plans to further reduce our stake in Carrefour, and we reaffirm our full support to the company."

Galfa has indicated a six-month lock-up period on its holding in Carrefour, subject to customary exceptions, and its decision to extend the maturity of call options on 10 million Carrefour shares until December 2025.

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