ARGENTINA: Carrefour acquisition of Eki nears completion
By Paula Krizanovic | 8 June 2012
Carrefour has moved a step closer to acquiring Argentinian low-prices supermarket chain Eki.
The takeover had been opposed by some of Eki's creditors and suppliers, who initiated legal action to block the move. However, at the end of last month Argentina's federal commercial court number 22 - lead by judge Margarita Braga - found in favour of Carrefour and ruled the takeover process can continue.
The acquisition is expected to be finalised next Wednesday (13 June). However, Carrefour Argentina told just-food there are still some details to be agreed.
Carrefour declined to comment on what these details are or confirm the purchase price, which is believed to be in the region of ARS300m (US$66.9m).
If the deal goes through, Carrefour would take on Eki's 130 supermarkets in Argentina and assume the group's debt, which reportedly stands at ARS220m.
Eki's supermarkets are primarily located in and around Buenos Aires. They are currently closed due to Eki's financial difficulties.
Sectors: Emerging markets, Mergers & acquisitions, Retail
Companies: Carrefour
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