FRANCE: Carrefour ordered to buy out Hyparlo
French retail giant Carrefour has been ordered by a court to buy out its biggest franchisee Hyparlo in the next three months, according to small shareholder group Adam.
Analysts estimate the buyout could cost Carrefour around €300m (US$368.6m), reported Reuters. Carrefour is reportedly considering whether to appeal the ruling or comply with it.
An agreement between Carrefour and Hyparlo's other major shareholder, the Arlaud family, meant that Carrefour had double voting rights in case of a disagreement over Hyparlo. Hyparlo's small shareholders felt that this was a change of control of the company from which they had been excluded. This week's ruling requires Carrefour and the Arlaud family to compensate those shareholders via a takeover offer, reported Reuters.
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