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Carrefour divests Indonesia unit stake to partner

Published on Nov 20, 2012 5:15 PM
 
The logo of Carrefour is displayed at the hypermarket in Kota Damansara, Petaling Jaya, Malaysia, on Tuesday, July 6, 2010. Carrefour is selling its 60 per cent stake in its Indonesian supermarket operations to local partner CT Corp for US$673 million (S$824 million), the latest move by the European retailer to retreat from secondary markets. --PHOTO: BLOOMBERG

PARIS/JAKARTA (REUTERS) - Carrefour is selling its 60 per cent stake in its Indonesian supermarket operations to local partner CT Corp for US$673 million (S$824 million), the latest move by the European retailer to retreat from secondary markets.

The world's No. 2 retailer after Wal-Mart Corp has been reducing its presence elsewhere in Asia, part of a plan to cut debt and refocus on core operations.

It sold its Malaysian operations last month to Aeon, Japan's No. 1 supermarket operator, and has said it would close its two stores in Singapore.

CT Corp, a conglomerate with banking and media interests, told Reuters in July it was in talks to acquire the rest of the supermarket chain, in which it was already a 40 per cent stakeholder.

 
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