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Investing.com -- French supermarket chain, Carrefour (EPA:CARR), has announced the sale of a 7% stake in shopping center owner, Carmila.
The sale is part of a strategic review of Carrefour’s portfolio and fetched around 171 million euros ($194.5 million). The transaction was completed on Wednesday through an accelerated book-build process, resulting in the sale of 9,866,421 Carmila shares.
Despite the sale, Carrefour intends to remain Carmila’s main shareholder. The supermarket giant reassured that the divestment would not affect the existing partnerships, mandates, or service agreements between the two companies.
As part of the share placement, Carmila repurchased approximately 1 million euros worth of its own shares. This action was taken to complete its share-buyback program, Carrefour stated.
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