French retailer Carrefour has been forced to sell its stake in an Indonesian supermarket chain after regulators said the chain dominated more than 50% of the market, according to reports.
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The Business Competition Supervisory Commission has ordered Carrefour to sell its 75% stake in Alfa Retailindo to outside parties within a year, Bloomberg reported today (4 November).
The company has 14 days to file an appeal at the district court, Dedie Martadisastra, a commission chairman at the agency, told reporters.
Carrefour is understood to have said it will likely appeal, calling the regulator’s assertion “completely baseless”.
The French retailer bought Alfa Retailindo last year for IDR675bn (US$70m) as part of its strategy to expand in emerging markets.
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By GlobalDataThe deal is believed to have boosted Carrefour’s share of the superstore market to 58% from 46%.
When contacted by just-food, Carrefour declined to comment on the news.
