A Swiss bank with shares in Carrefour affiliate Hyparlo has filed a case with the Paris Court of Appeal in an attempt to block Carrefour’s new bid acquire the rest of Hyparlo, French newspaper Les Echos has reported.
Carrefour raised its stake in the company to 34% in January, when it bought half of the shares owned by the Arlaud family’s holding company. At that time, it agreed to buy the minimum of an additional 10% in the holding company while retaining a direct 20% stake in the unit. Carrefour agreed to take majority control of Hyparlo by 2012.
When the company wanted to opt out of the additional purchase, the French financial markets authority upheld their right to do so. This decision was overturned by the Paris Court of Appeal in September, and Carrefour was ordered to make a bid for the remaining 51% of Hyparlow within three months.
Société Bancaire Privée objects to Carrefour’s fresh takeover bid on the basis that the price it is offering is insufficient.