Auchan continues Ukraine development without partners
"Two joint ventures have been closed. Auchan is developing in Ukraine on its own. Cooperation between Auchan Group and Furshet is still active. It is limited to the ownership by Auchan of a stake in the Furshet supermarket chain," Philippe Beurtheret, Immochan real estate company's Country Manager for Ukraine, said.
As was reported, Auchan in 2007 signed a partnership agreement with Furshet, which was finalized late in June 2007. The agreement foresaw the creation of two companies to develop a chain of hypermarkets and a chain of shopping malls respectively.
Auchan controlled 66% of the company that developed hypermarkets, while the Furshet group had 19%, and Chairman of Furshet's supervisory board Ihor Balenko had 15%.
The second company was set up to develop a chain of shopping malls where either an Auchan or Furshet outlet was supposed to be located. Auchan's share was 50%, Ihor Balenko's 40%, and a third financial partner whose name was not disclosed had 10%.
Moreover, the agreement foresaw the acquisition by Auchan of a 21% stake in the Furshet chain in June 2007. The deal was estimated at $112 million.
According to Auchan's financial report for the first half of 2012, the group still owns a 21% stake in Furshet. Auchan handles the stake via Anthousa Limited (Great Britain), which owned 100% of PJSC Furshet as of the first quarter of 2012.
Source: kyivpost.com
