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December 12, 2011

FRANCE: Carrefour to quit Eroski venture Altis

Carrefour is to sell its stake in Altis, its franchise retail venture with Spanish retailer Eroski.

By Dean Best

Carrefour is to sell its stake in Altis, its franchise retail venture with Spanish retailer Eroski.

The French retail giant said today (12 December) that its board had decided to exercise its put option on its half of Altis.

Carrefour said it would receive EUR153m (US$201.7m) for its 50% in Altis, which operates six hypermarkets and ten supermarkets in south-west France on a franchise basis. Altis, which Carrefour said generated sales of EUR499m in 2010, also runs four hard discount stores.

News of the planned sale came as Carrefour also announced a cash-and-share bid for French franchise retail partner Guyenne et Gascogne.

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