Carrefour Sells Controlling Stake in Chinese Business
24 June 2019 - 4:13PM
Dow Jones News
By Anthony Shevlin
Carrefour SA (CA.FR) said Sunday that it sold a controlling
stake in its China operations to Chinese retail company Suning.com
Co. (002024.SZ).
The French retailer said the sale of an 80% equity interest in
Carrefour China implies an enterprise value for the entire business
of 1.4 billion euros ($1.59 billion). Carrefour said the
transaction will be paid in cash.
Carrefour will retain a 20% stake in the Chinese operations and
two out of seven seats on its supervisory board.
The deal is set to close by the end of 2019 and is subject to
approval by the Chinese competition authorities.
Carrefour said the deal signed with Suning.com allows it several
liquidity windows to sell its remaining 20% stake.
Write to Anthony Shevlin at anthony.shevlin@dowjones.com;
@anthony_shevlin
(END) Dow Jones Newswires
June 24, 2019 01:58 ET (05:58 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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