Blog: Power to the, er, shareholder!
Dean Best | 30 August 2007
Shareholder power got another shot in the arm today (30 August) with the news that Carrefour is to sell off part of its property portfolio.
The French retail giant owns a bank of retail assets worth around EUR20bn (US$27bn) and rumours of their future has grown since an activist investors took a 9% stake in Carrefour earlier this year.
The investors, investment vehicle Colony Capital, were understood to be keen for Carrefour to sell off its property and return the cash to shareholders. No-one quite knew for certain what Colony’s intentions were but the fund had previous. Colony was seen to be instrumental in encouraging another of its interests, French hotel group Accor, into offloading sections of its property portfolio.
Fast forward to today and we see Carrefour, hitherto reluctant to sell its property, announcing plans to list the business that houses the assets. Whether Colony put pressure on Carrefour is unclear but there is no doubt that shareholders will be the beneficiaries from the IPO.
A number of retailers have come under pressure to return cash to shareholders by selling off property, not least UK grocer Sainsbury’s.
And, as takeover speculation continues to swirl around Sainsbury’s, today’s news from across the Channel will n o doubt make interesting reading for certain investors.
Hain Celestial, under the scrutiny of the investment community in recent months and facing some challenges in its domestic market, has announced another shuffling of its management pack....
FrieslandCampina, which today served up higher profits but lower sales for 2016, is ready to offload the last non-dairy business owned by the Dutch cooperative giant....
To follow on from our earlier notice and after some hard work from our technical team, just-food is back live after today's power outage....
Much of the UK has felt the impact of Storm Doris today - and just-food's head office has been no exception....
- General Mills sales woes continue - analysis
- Comment: Meal kits in US - don't believe the hype
- Why personalisation will take-off in US food
- US food next wave on display at Winter Fancy Food
- Analysis: Chocolate sector's deforestation pledge
- Kraft Heinz cuts jobs in US, Canada
- Immigration crackdown "risk" for US dairy industry
- Fonterra cuts earnings forecast
- Unilever invests in Dutch meat substitute project
- General Mills books lower 9M sales and profits