TURKEY: Sabanci coy over objectives for Carrefour venture
By David O'Byrne | 29 February 2012
Turkish conglomerate Sabanci Holdings has said it is yet to decide on what to do with its its stake in its local retail joint venture with Carrefour.
Reports had claimed Sabanci was looking to increase its 38.8% stake in Carrefoursa.
In a disclosure to the Turkish stock exchange, Sabanci confirmed it had asked independent financial consultants to look into its options regarding its stake in Carrefoursa but said as yet no decision had been reached.
A spokesman for Sabanci told just-food the consulting process is still ongoing and that no decision had been made.
Sabanci holds 38.8% of Carrefoursa, against a 58.2% stake held by Carrefour. Another 2.2% is floated on the Turkish stock exchange and 0.8% held by other unspecified shareholders.
Founded in 1996, Carrefoursa operates 27 hypermarkets and 219 supermarkets in Turkey.
Sectors: Emerging markets, Mergers & acquisitions, Retail
Companies: Carrefour
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