PARIS (AFX) - French retailer Carrefour SA said it plans to acquire the controlling stakes held by Fiba Holdings in Turkey's third largest supermarket chain, Gima, listed on the Istanbul stock exchange, and discount retailer Endi.
"With this transaction, Carrefour would become the leader of the Turkish food retail business operating under its three main formats: hypermarkets, supermarkets and discount stores," the company said.
Financial terms were not disclosed.
Gima operates 81 stores in the country and Endi operates 45. Together the two groups reported full-year sales of around 384 mln eur.
Fiba owns 60 pct of Gima and 56 pct of Endi while Gima owns the remaining 44 pct of Endi.
The French retailer will launch a public tender offer for the remaining shares in Gima following the deal, which is being carried out through Carrefour Turkey, the country's second largest food retailer.
Carrefour Turkey is currently the number two food retailer in Turkey with full-year sales of 702 mln eur. Carrefour currently operates 12 hypermarkets, seven supermarkets and 255 hard discount stores in Turkey.
Turkish conglomerate Sabanci owns 40 pct of Carrefour Turkey.
paris@afxnews.com
sr/nes
COPYRIGHT
Copyright AFX News Limited 2005. All rights reserved.
The copying, republication or redistribution of AFX News content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
AFX News and the AFX Financial News logo are registered trademarks of AFX News Limited
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
"With this transaction, Carrefour would become the leader of the Turkish food retail business operating under its three main formats: hypermarkets, supermarkets and discount stores," the company said.
Financial terms were not disclosed.
Gima operates 81 stores in the country and Endi operates 45. Together the two groups reported full-year sales of around 384 mln eur.
Fiba owns 60 pct of Gima and 56 pct of Endi while Gima owns the remaining 44 pct of Endi.
The French retailer will launch a public tender offer for the remaining shares in Gima following the deal, which is being carried out through Carrefour Turkey, the country's second largest food retailer.
Carrefour Turkey is currently the number two food retailer in Turkey with full-year sales of 702 mln eur. Carrefour currently operates 12 hypermarkets, seven supermarkets and 255 hard discount stores in Turkey.
Turkish conglomerate Sabanci owns 40 pct of Carrefour Turkey.
paris@afxnews.com
sr/nes
COPYRIGHT
Copyright AFX News Limited 2005. All rights reserved.
The copying, republication or redistribution of AFX News content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
AFX News and the AFX Financial News logo are registered trademarks of AFX News Limited
For more information and to contact AFX: www.afxnews.com and www.afxpress.com