French supermarket giant Carrefour will be able to finalise the sale of its 79%-owened frozen food division Picard Surgeles within weeks, according to an industry source. A company spokesman declined to comment on the matter, however.
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Picard is being sold to Candover Investments, a UK private equity investment firm, for a sum of around €800m. While no longer considered by the retailing giant to be a core business, industry analysts believe Picard’s 350 French outlets to be a “jewel just waiting to be developed” and Candover appears anxious to expand upon its 25% market share.
Carrefour spent around €140m for its share of Picard. In 1999, the company posted revenue of €459m and operating profit of €24m.
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