French billionaire Bernard Arnault and Colony Capital have won the backing of Carrefour’s board and management in their bid to gain two seats on the retailer’s supervisory board.
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Earlier this month, equity fund Colony Capital and Arnault announced that they had teamed up to acquire a 9.1% stake in the retailer. The news came amid heightened market speculation regarding the future of the company’s ownership structure and management.
On Friday (23 March) the French retailer said it would call on shareholders to support the nominations at the company’s general assembly meeting to be held in April.
Blue Capital Management, jointly owned by Colony Capital and Groupe Arnault, offered support to management’s strategy of “profitable growth” in a letter to the retailer.
The investment firm said that it would not increase its stake to more than 20% before 30 June 2008, unless the Halley family sells its stake or a third party buys up more than 5% of Carrefour. However, Blue Capital warned, if shareholders fail to approve its two board seats, it will not be bound by this agreement.
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