French retail giant Carrefour has announced the divestment of its 22.37% stake in Portuguese retail group Modelo Continente for €345m (US$449.5m).
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As part of the same agreement Portugal’s Sonae, which bought the stake from Carrefour, has also acquired from the French group several trademarks, including Continente, Mappemonde and Jackerton for their use in Portugal.
Carrefour said the divestment of non-core assets would help the group grow profitability and return on capital employed outside France, one of its key priorities for the next twelve months.
The company added that its current presence in Portugal is strategic and represents an important growth opportunity for Carrefour in Europe. Carrefour operates eight hypermarkets and 361 MiniPreço hard discount stores in Portugal.
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