16 November 2004 - The divestment of non-core assets, and the acquisition of assets which reinforce current market share, will help the group grow profitability and Return on Capital Employed outside of France, one of the five key priorities for the next twelve months as outlined on the 1st September.
Divestment of Carrefour’s stake in Modelo Continente for €345 million
On November 16 2004 Sonae has acquired from Carrefour its 22.37% holding in Modelo Continente, S.G.P.S., S.A.
Carrefour has received in cash from Sonae € 345 millions representing a consideration of € 1.40 for each share of Modelo Continente, S.G.P.S., S.A. transferred.
As part of the same agreement Sonae has also acquired from the Carrefour group several trademarks including “Continente”, “Mappemonde” and “Jackerton” for their use in Portugal.
Following this transaction Carrefour has no remaining interest in Modelo Continente, S.G.P.S., S.A.
The current presence of Carrefour in Portugal is strategic and represents an important growth opportunity for the group in Europe. Over the last three years sales have increased in total by 25.6%. Today, Carrefour trades from 8 hypermarkets and 361 MiniPreço hard discount stores and is the third largest food retailer in the country.
Tactical acquisition of 13 Hypernova hypermarkets in Poland
Carrefour has also announced today that it has entered into a definitive agreement to acquire 13 hypermarkets from Ahold in Poland.
With this acquisition, Carrefour will become the second largest hypermarket operator in Poland with 30 hypermarkets.
These 13 hypermarkets are located in Radom, Piotrkow Trybunalski, Szczecin, Jelenia Gora, Tarnow, Lodz (2), Krakow, Bielsko-Biala, Poznan (2), Elblag and Tychy. The sales area of the stores ranges from 5,400 sqm to 8,300 sqm. Annual net revenue of the 13 hypermarkets is in excess of PLN 500 million (approx. Eur 120 million).
The completion of the transaction is subject to the fulfilment of certain conditions, including approval of the Polish Competition Authorities. The transaction is expected to close in the first quarter of 2005.
Carrefour is a leader in the Polish food retail market. It currently operates 16 hypermarkets (plus one opening scheduled before year end) and over 70 supermarkets trading under the Champion and Globi banners.