French retailer Intermarché is looking to take over Altis, the local retail venture that Carrefour is set to leave.
Carrefour said yesterday afternoon (12 December) that it planned to exercise its put option on Altis, a franchise venture it owned with Spanish retailer Eroski, and sell its 50% stake the business.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Within hours, Intermarché said it was in talks with Eroski to buy the whole of Altis.
“This is fully in line with the strategy of the company to be a major player in the future development of the food retail landscape in France,” said Philippe Manzoni, president of Intermarché’s food retail business.
Altis operated six hypermarkets and ten supermarkets in south-west France on a franchise basis for Carrefour, as well as four hard discount stores. It generated sales of EUR499m (US$659.8m) in 2010, according to Carrefour.
Eroski said it wanted to sell its stake in Altis to focus on its “strategic network” in Spain. Should a deal be secured, Eroski will no longer have any stores outside Spain.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
