Local partner likely to but Carrefour Turkey shares
The analysts give an 85 percent probability to Haci Omer Sabanci Holding AS buying Carrefour’s 58 percent stake in the local Carrefoursa chain to add to its existing 39 percent holding.
“This is the most likely outcome,” Erste Group’s Gorkem Goker and Mehmet Zumrut said in the note. “Sabanci will consider the alternative of better operating the existing stores in the absence of a French contribution to management.”
Carrefour Chief Executive Officer Georges Plassat said Aug. 30 that the Boulogne-Billancourt, France-based company will review businesses in Turkey and Poland as local competitors are better placed. Sabanci, Turkey’s second-biggest group of companies, has hired Rothschild to study strategic options for Carrefoursa Carrefour Sabanci Ticaret Merkezi AS and expects to complete the process this year.
Source: bloomberg.com
