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.
Since Theresa May took over as UK Prime Minister in the wake of the country's referendum vote to quit the European Union, she and her ministers have been at pains not to divulge their negotiating posi...
Greenpeace's long-running campaign against UK tuna brand John West, owned by seafood giant Thai Union, is now directing its fire against Sainsbury's....
The Obama administration appears to have conceded the landmark Trans-Pacific Partnership (TPP) trade deal will not be pushed through in the lame-duck session of Congress before Donald Trump is inaugur...
- Unilever 2016 investor day - the top takeaways
- Have food promotions reached tipping point?
- Mondelez goes beyond certified cocoa - analysis
- What Premier CEO Gavin Darby thinks about Brexit
- How Tyson's new CEO plans to grow the meat group
- Nestle unveils process to cut sugar by 40%
- Putin 'wants embargo to run as long as possible'
- Unilever sets new margin target with help from ZBB
- Unilever focuses on "value" of spreads arm
- McCormick to buy flavours business Enrico Giotti