Carrefour shares rise after deal to expand in Northern France
Reuters
Published Jul 13, 2023 08:18
PARIS (Reuters) - Carrefour (EPA:CARR) shares rose 1% in early Thursday trade as investors cheered a deal to buy the Cora (LON:CORAC) and Match assets from Belgian retailer Louis Delhaize, which they said would strengthen its position in its core market and support earnings.
The transaction gives the assets an enterprise value of 1.05 billion euros ($1.2 billion), and includes the purchase of the real estate of 55 hypermarkets and 77 supermarkets, the company said in a statement late on Wednesday .
"We like this deal as it strengthens Carrefour's relative volume position in the French market. This at a time of broader consolidation for the industry given Casino's demise," Jefferies analysts wrote in a note.
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Written By: Reuters
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