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dinsdag 8 april 2014
Galeries Lafayette shareholder buys stake in Carrefour
The Moulin family that controls French department store Galeries Lafayette announced it had bought a 6.1% stake in Carrefour making it the second-biggest shareholder in the French supermarket chain.
Based on Monday's closing price, the transaction would be worth about € 1.28 billion. Apparently the stake was bought on the market.
We regard the acquisition as "a friendly approach".
Motier - the holding company of the Moulin family which owns 100% of Galeries Lafayette - has acquired 44.2 million shares of Carrefour, or 6.1% of its capital, Motier said in a statement.
It seems like this is a long-term strategic investment and reflects our confidence in the growth potential of Carrefour.
The Galeries Lafayette group however, will continue to focus on its core department store business and will invest the necessary funds in that business in the years ahead.
The Moulin family were the founders of supermarket chain Monoprix, so in a way the Carrefour investment is a return to their first business, which was supermarkets.
With the acquisition, Motier becomes Carrefour's second-biggest shareholder after the consortium of Groupe Arnault and some private equity funds like Colony Capital, which together own 14.77% of Carrefours' capital and 20.06% of the voting rights, according to Carrefour's latest annual report.
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Learn more: http://uk.reuters.com/article/2014/04/07/uk-carrefour-lafayett-idUKBREA361JF20140407?rpc=401&feedType=RSS&feedName=businessNews&rpc=401
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