Carrefour hives off Thailand stores to Groupe Casino for $1.2 billion
15 Nov 2010
Carrefour, the world's second-largest retailer by sales after Wal-Mart, today sold its stores in Thailand to French retailer Groupe Casino for €868 million ($1.2 billion) as part its strategy to focus its resources on markets where it holds a leadership.
Present in Thailand since 1996, Levallois-Perret, France-based Carrefour operates 42 stores including 34 hypermarkets, which includes 7 wholly owned stores as well as 37 shopping centres.
Carrefour is the fifth-biggest player in organised food distribution in Thailand with a market share of 6 per cent and net sales of €723 million.
Carrefour had put its stores in Thailand, Malaysia and Singapore for sale through auctions in order to focus on China. In a statement, Carrefour said that growth prospects in Thailand did not allow the Group to envisage occupying a leading position in this market in the short- or medium-term.
The auction for its19 Malaysian stores and two Singapore stores is expected to close by the next two weeks, according to observers following the auction.
The disposal value is 120 per cent of sales and is a multiple of 13 times earnings before interest, tax, depreciation and amortisation, said Carrefour.
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