Carrefour, the world’s second-largest retailer by sales, has agreed to sell its 12 Portuguese hypermarkets to Sonae Distribuição, Portugal’s largest retailer, for an enterprise value of €662m ($902m). Weekend FT
The French retail group is also interested in buying all or part of Migros Türk, the Turkish food retailer, in conjunction with its Turkish joint venture partner, Sabanci Holding.
The disposal and possible Turkish expansion are part of Carrefour’s strategy of selling what it perceives to be the weaker assets in its portfolio of international businesses in order to put resources into more promising territories. Under this strategy Carrefour has withdrawn from South Korea, bought 250 Spanish discount supermarkets trading under the Plus banner, and agreed to buy the Atacadão discount hypermarket chain in Brazil for €825m.