Carrefour is reducing its stake in its Turkish business, CarrefourSA, with joint venture partner Sabanci Holdings taking a majority stake in the supermarket operator.
The French retailer said that it was selling 12% of its shares in the Turkish business for EUR60m. The French retail giant will retain a 46.2% stake in the venture, while Sabanci will own a 50.8% share.
Carrefour said the business would benefit from Sabanci’s “knowledge of the country and market”.
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