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Carrefour Sells Stake In Middle East Joint Venture To Local Partner

May 22, 2013: 12:00 AM EST
French retailer Carrefour plans to sell its 25 percent stake in its Middle Eastern joint venture to local partner Majid Al Futtaim. MAF is reportedly paying between $400 million and $500 million for the stake. Carrefour has been scaling down its international business operations, selling €2.8 billion worth of assets in 2012 to raise funds for investments and strengthen its balance sheet. Carrefour's joint venture with MAF operates 48 hypermarkets and 42 supermarkets in 11 countries in Middle East and North Africa.
Praveen Menon, Dinesh Nair and Rachna Uppal, "Exclusive: Carrefour to divest 25 pct stake in Middle East venture – sources", Reuters, May 22, 2013, © Thomson Reuters
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