The Turkish subsidiary of French supermarket Carrefour has announced plans to take control of retailers Gima and Endi.
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Carrefour Turkey has entered into a binding agreement with Fiba Holdings to acquire the shares it owns in two Turkish retailers, Gima and Endi.
Gima is the number 3 supermarket chain in Turkey operating 81 stores throughout the country. Endi is the number 4 discount chain in Turkey operating 45 stores. GIMA and ENDI together reported 2004 consolidated net sales of approx. €384m (US$498m), Carrefour said. Fiba owns 60% of Gima and 56% of Endi. Gima owns the remaining 44% of Endi directly.
Following the acquisition of Fiba’s shares, Carrefour Turkey would launch a public tender for the remaining shares in Gima.
This transaction confirms the commitment of Carrefour and its partner Sabanci, which owns 40% of Carrefour Turkey, in expanding joint operations in the Turkish market, the company said. This operation is part of Carrefour Group’s overall strategy to establish market leadership in all markets where it is present.
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By GlobalData
