Carrefour to sell Greek unit stake to Marinopoulos‎

French supermarket chain Carrefour Group Friday said it will sell its ownership in the Carrefour Marinopoulos joint venture to Marinopoulos Group and will record a non-cash charge of 220 million euros related to the sale. Both groups have agreed on measures allowing the JV to meet the challenges of Greece is faced with.
Following the sale, Carrefour Marinopoulos will be the exclusive franchisee of Carrefour in Greece, Cyprus and Bulgaria as well as in Albania and other Balkan countries. The transaction is expected to be completed in the coming weeks.
Carrefour Marinopoulos is a Greek retailer. It was formed in 1999 as a 50-50 joint venture between the Greek Marinopoulos Group and Carrefour Group.
Leonidas Marinopoulos, president of Marinopoulos Brothers SA stated, “This agreement gives Carrefour Marinopoulos the necessary means and flexibility to refine its business model, continue to serve its customers and consolidate its leading position in Greece.”
(source: RTT)