Carrefour : Disposal of Carrefour China: strategically positive withdrawal in our view even though the disposal price is lower than our forecasts
>Sale of Carrefour China to Suning.com - Carrefour is disposing of an 80% stake in its Chinese subsidiary's capital to the Suning.com group at a 100% EV of € 1.4bn, i.e. 38% of sales (factoring in equity of € 774m and operating debt of € 400m linked to the shopping cards). Carrefour is to receive € 620m in cash and will enjoy a € 400m improvement in WCR. The group has a put option (two years and three years) for selling its remaining 20% (in four years’ time, Suning w...Carrefour is a distribution group based in France. Co. is engaged in retailing business, primarily in Europe (France, Belgium, Spain, Italy, Poland, and Romania); Asia (China, India, and Taiwan); and Latin America (Argentina and Brazil). Co. offers a variety of fresh produce, products from local suppliers and major-brand products. Co. operates Hypermarkets, Supermarkets, Convenience stores and Cash & Carry stores, as well as food and non-food e-commerce sites. Co. also offers services such as financial and insurance services, travel, entertainment, after-sales services, and leasing of commercial vehicles. As of Dec 31 2013 Co. operated 10,105 stores under its brand.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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