FRANCE: Carrefour, Intermarche in store swap
French retailers Carrefour and Intermarché have signed a deal to swap a batch of stores, a transaction prompted by their deal earlier this year over the Altis joint venture.
Carrefour will acquire five outlets Intermarché had to offload when regulators cleared its purchase of Altis in April. Altis was a French franchise venture between Carrefour and Spanish retailer Eroski that ran Carrefour stores in the south-west of the country.
The new deal will also see Carrefour sell 11 small supermarkets to Intermarché. The transaction does not include "any cash compensation", a Carrefour spokesperson confirmed today (13 September).
On Thursday, two of the world's largest food retailers will report their 2012 financial results and, more importantly, try to convince investors their moves to improve their operations in key markets ...
In a week of results from major retailers, Carrefour cheered the market with improvement in France, upmarket UK grocer Waitrose highlighted its strong year and Belgium's Delhaize insisted its business...
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