Carrefour is reportedly in talks to combine its venture in Turkey with local rival Migros Ticaret.

Bloomberg Friday (28 September) reported Carrefour and Migros were in “early” talks over a possible combination of the two businesses.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Carrefour operates over 240 stores in Turkey in a venture with local conglomerate Sabanci. Migros, owned by private-equity firm BC Partners, has 840 outlets.

When contacted by just-food, Carrefour declined to comment. Migros and Sabanci could not be reached for comment.

Bloomberg said Carrefour and Sabanci have a right of first refusal if one tries to sell its part of the venture. Carrefour has a 58.2% stake in the venture. Sabanci owns 38.8%. The remaining 2.2% is floated on the Turkish stock exchange.

See Also:

There has been speculation over Carrefour’s future in Turkey, where it runs over 240 stores 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In August, Carrefour CEO Georges Plassat indicated the world’s second-largest retailer indicated it would reconsider its position in Turkey and focus on a select group of international markets.

There have been rumours Carrefour and Sabanci have fallen out over the performance of the venture, called CarrefourSA.

In July, four CarrefourSA directors, including Sabanci executive Haluk Dincer, resigned. Dincer said Carrefour had not provided the “necessary support and assistance” to the venture.

Earlier this month, the chairman of Sabanci told CNBC the venture had not met expectations.

“We should not destroy value; we are here to create value. We are not happy with the performance of our joint venture and they are not happy with the performance. I’m sure we will find an amicable solution,” Guler Sabanci said.