BRAZIL: Cencosud, Carrefour silent on takeover talk
Speculation mounts over Carrefour's future in Brazil
According to financial daily Diario Financiero, Cencosud owner Horst Paulmann met with Carrefour executives to discuss the possibility of acquiring some of the French group's activities in the Latin American market.
Through the potential acquisition, Cencosud would look to expand in Brazilian states where it is under represented, the report suggested citing sources familiar with the matter. The company has followed an acquisitive strategy to fuel growth in Brazil - acquiring local retailer Gbarbosa in 20007 and then taking over three further local retailers in 2010.
A spokesperson for Cencosud declined to comment on whether the company had been in contact with Carrefour. However, the spokesperson did confirm that the group has ambitions to "scale-up" its presence in Brazil and expand into "new geographies" in the country.
In May, reports had claimed that Carrefour was in talks to merge its Brazilian operations with local player CBD. However, this was subsequently denied by CBD.
Carrefour declined to comment on its plans for Brazil.
Faced with a third week of political protests that have stopped the Indian parliamentary process in its tracks, Finance Minister Pranab Mukherjee today (7 December) announced controversial reforms to ...
There would have been weary sighs in retail boardrooms this week after India's government suspended plans to open up its retail sector to more overseas investment. It was, Tesco CFO Laurie McIlwee cla...
India hit the industry headlines again this week after the country's government decided to suspend its plans to allow more foreign investment into the local retail sector. Meanwhile, here in the UK, P...
More overseas investment would benefit India's retail sector, Tesco CFO Laurie McIlwee insisted today (8 December)....
Sainsbury's intensified its promotional activity in November, according to the latest data from the just-food Promo Tracker....
- ConAgra Foods: what could happen next? - analysis
- Why Mars rice plan not just crop-ticking exercise
- Greencore's food-to-go focus paying dividends
- What could be benefit of US approval of GM salmon?
- How Danone aims to meet its 2020 objectives
- Hovis plans cuts amid anxiety over UK bread demand
- Aryzta regional CEO steps down
- "Serious" suitors lined up for Chicken of The Sea
- Unilever sets 2030 carbon positive goal
- PepsiCo to expand Frito-Lay plant in US