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Article: Carrefour Purchase of Promodes Approved Creating Second Largest Retailer.
- Article from:
- Food & Drink Weekly
- Article date:
- January 31, 2000
CopyrightCOPYRIGHT 2000 Informa Economics, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Carrefour SA, France's top retailer, won approval from the European Union (EU) for its planned $17-billion takeover of rival (also France-based) Promodes SA. The merger creates the world's second-largest retailer after Wal-Mart Stores, Inc., with one-quarter of the French market and 9,000 stores worldwide. The new company is called Carrefour Group.
The European Commission (EC) gave its partial seal of approval to Carrefour SA's acquisition of Promodes SA, but charged French and Spanish authorities with investigating local aspects of the deal. In addition, the EU's antitrust watchdog ordered Carrefour to sell its 42 percent stake in rival hypermarket chain Cora. ...