Carrefour : Update on the current key topics: Spain, Belgium (Colruyt read-across), wage negotiations, market share, consensus
>Spain: unions demand +18% over 4 years, unlikely in our view - more of a starting point - There are reports of union demands for a wage increase of +18% over 4 years in Spain. Note that inflation in Spain reached +10.5% in August. We have several comments to make. We think that this is a starting point and even a plan to attract media attention by unions, as negotiations have not yet begun. Moreover, the demand involves a four-year commitment, which we believe is unl...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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