INDONESIA: Carrefour sells stake in local JV
- Carrefour sells control of Indonesia JV
- CT Corp. becomes exclusive Carrefour franchisee
Carrefour has 84 stores in Indonesia
Carrefour has sold its stake in its venture in Indonesia, the latest move to refocus its attention on a smaller number of markets worldwide.
The Carrefour banner will still be present in Indonesia but the chain will be run on a franchise basis by local partner CT Corp., which has paid EUR525m (US$672.3m) for the French retail giant's 60% stake in their venture.
Carrefour, which entered Indonesia in 1998, has 84 stores in the country. Two years ago, Carrefour sold 40% of its business in the country to CT Corp. Today (20 November), it announced it had offloaded the rest to its Indonesian partner, which will become Carrefour's exclusive franchisee in the country.
Carrefour CEO Georges Plassat, who joined the business in May, is aiming to bring more clarity to the company after years of under-performance.
Last month, it agreed to offload its stores in Malaysia to Japanese retailer Aeon, the third sale since Plassat took charge in May.
Since Plassat became CEO, Carrefour sold its interest in its Greek operations to its local franchisee and sold its stores in Colombia to Chile's Cencosud for EUR2bn.
CARREFOUR AND CT CORP REORGANIZE THEIR PARTNERSHIP IN INDONESIA
Continuing its strategy of refocusing on its core activities, Carrefour Group announces today the sale of its 60% stake in Carrefour Indonesia to its local partner, CT Corp, which thus becomes Carrefour's exclusive franchisee in the country. The transaction is valued at €525 million.
Present in Indonesia since 1998, Carrefour is the third-largest retailer in the country with 84 outlets (including 70 hypermarkets) and net sales of €1 billion in 2011. Following the partnership agreement concluded in April 2010, Carrefour owned 60% of Carrefour Indonesia and CT Corp owned the remaining 40%.
Under the agreement signed today, CT Corp takes full control of these activities and becomes Carrefour’s exclusive franchisee in Indonesia. Carrefour expresses its full confidence in CT Corp’s ability to continue to successfully develop the brand and strengthen its position in the Indonesian market. The closing of the transaction will take place in January 2013, subject to the approval of the Indonesian anti-trust authorities.
Original source: Carrefour
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