Bloomberg News

Carrefour Confirms Talks on Guyenne et Gascogne Combination

December 09, 2011

Dec. 8 (Bloomberg) -- Carrefour SA, Europe’s largest retailer, said it’s in talks on a possible combination with Guyenne et Gascogne SA, its main French franchiser.

Negotiations are being held with Guyenne et Gascogne and “certain of its shareholders,” though no final decision has been taken, Boulogne-Billancourt, France-based Carrefour said today in a statement.

The Beau family, which holds 21.3 percent of Guyenne et Gascogne and 33.1 percent of the voting rights, wants to sell its stake, Le Figaro reported yesterday. Four funds, which together hold about 40 percent of Guyenne et Gascogne, threatened to partner with rival Auchan if Carrefour doesn’t buy their holding, another newspaper, Les Echos, said today.

Guyenne et Gascogne shares rose 4.3 percent in Paris trading yesterday. The closing price of 85.03 euros valued the company at 565.4 million euros ($757 million).

Guyenne et Gascogne operates six Carrefour hypermarkets and 27 Carrefour Market supermarkets in southwestern France, its website shows. It also holds 50 percent of a joint venture with the retailer that owns 13 Carrefour hypermarkets in France as well as having a stake in Carrefour’s Spanish business.

--Editors: Marthe Fourcade, Robert Valpuesta.

To contact the reporters on this story: Paul Jarvis at pjarvis@bloomberg.net; Andrew Roberts in Paris at aroberts36@bloomberg.net

To contact the editor responsible for this story: Sara Marley at smarley1@bloomberg.net


Video Game Avenger
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus