World Bulletin/News Desk
Turkey's CarrefourSA, a joint venture between Sabancı Holding and French retailer Carrefour, is considering a buyout of Migros, Sabancı retail group head Haluk Dinçer said on Thursday.
A bid to buy the Turkish division of Swiss supermarket chain Migros might fit into the company's appetite for “organic growth” and “acquisition opportunities,” Dincer said at a news conference in İstanbul on Thursday.
Carrefour, Europe's largest retailer, said on Tuesday that it would sell a 12 percent stake in its Turkish branch CarrefourSA to joint venture partner Sabancı Holding for 60 million euros. The move would give Sabancı the second largest stake in the company, 80 percent of which is owned by British private equity firm BC Partners.
Wal-Mart Stores Inc. reportedly moved to buy major shares in the chain from BC Partners in December for $4 billion, but the deal was never finalized.
In 2008, the Sabancı Holding-owned Carrefour group also tried to acquire Migros, though Carrefour later backed out amid concerns that Turkey's Competition Board (RK) would later rule against the deal on the grounds that it would allow Carrefour to act as a monopoly.
Other major Turkish retailers proved reluctant to purchase the chain on similar grounds and less than encouraging reports of losses from Migros. On Thursday, Dinçer didn't clarify whether he thought that the RK would interfere with a potential Carrefour-Migros merger.Last Mod: 03 Mayıs 2013, 10:16