June 24 (Reuters) – Carrefour SA, the world’s
second largest retailer, is exploring a sale of its businesses
in China and Taiwan, including a possible initial public
offering in Hong Kong or a combination of some of those assets
with another company, The Wall Street Journal reported on
Monday, citing people familiar with the matter.
An IPO route could represent around $1 billion in funds, the
Journal said, citing a source, adding that Carrefour’s plans
were still at a preliminary stage. ()
Carrefour has not hired bankers yet, The Wall Street Journal
said, citing sources.
Carrefour declined to comment on the report.
The French group, which is Europe’s largest retailer, has
been struggling for years in Europe, partly due to a reliance on
hypermarkets, which have been losing out as time-pressed
shoppers buy more goods locally and online and prefer to buy
general merchandise from specialists.
Carrefour has been exiting non-strategic markets to raise
cash and to cut its debt. However, investors are concerned that
the company is retreating from too many high-growth markets.
