Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Carrefour Said to Seek Buyers for Three Southeast Asia Units

Carrefour CEO Lars Olofsson
Carrefour CEO Lars Olofsson at a news conference in Levallois, France. Photographer: Fabrice Dimier/Bloomberg

Carrefour SA, the world’s second-biggest retailer, plans to exit Singapore, Malaysia and Thailand, and is seeking offers for its operations in the Southeast Asian countries, said four people familiar with the matter.

Carrefour has approached potential buyers and may ask for bids by early September, said two of the people, who declined to be identified because the sale process isn’t public. The combined operations may fetch $800 million to $1 billion, they said. Florence Baranes-Cohen, spokeswoman for Paris-based Carrefour, declined to comment.

The retailer will consider selling the units separately as potential buyers may not be interested in bidding for all three combined, according to two of the people. Carrefour’s Thai business may have a value of $500 million to $600 million, while the Malaysian and Singapore operations may be valued at $350 million to $400 million, the people said. Carrefour plans to retain its units in China and Indonesia, they said.

“It’s a positive move, in line with what the company has been doing,” Fabio Fazzari, an analyst at Equita Sim in Milan, said by telephone. “The new management is more focused on non-capital intensive retail. What they’ve been seeking to do for about a year now is get rid of all underperforming assets.”

Tesco Plc, the U.K.’s largest supermarket chain, Japan’s Aeon Co., Hong Kong’s Dairy Farm International Holdings Ltd. and Thailand’s Big C Supercenter Pcl may be putting in a bid, three of the people familiar with the matter said. South Korea’s Lotte Group was earlier approached to make a bid, they said.

Aeon, Tesco, Lotte

Aeon spokesman Eiichi Yamatani declined to comment, saying Japan’s second-largest retailer is “checking the situation.” Zhuang Nanbin, vice president for corporate affairs at Tesco China, wouldn’t comment on “market rumors.”

Both Lancy Ng, spokeswoman for Singapore-listed Dairy Farm, and Pimwanich Poolkasem, head of investor relations at Big C, declined to comment in phone interviews today.

Lotte Group isn’t considering a purchase of Carrefour’s assets, Lee Byung Hee, a Seoul-based spokesman, said by phone. Among Lotte Group’s affiliates are Lotte Shopping Co., South Korea’s biggest department-store operator, and Lotte Chilsung Beverage Co.

Carrefour is “obliged” to listen to offers for its businesses in markets where leadership is unattainable, Chief Executive Officer Lars Olofsson told shareholders in May. Asia was Carrefour’s smallest market by sales in 2009, accounting for about 7.5 percent of the total, according to the company’s website. France was the biggest, generating 43 percent, followed by the rest of Europe at 36 percent.

China, Indonesia

Carrefour plans to open 22 hypermarkets and 140 discount stores in China this year, Olofsson said in May. The retailer also intends to add 13 stores in Indonesia, where it recently sold a 40 percent stake to Trans Corp., a unit of Para Group.

Carrefour this year agreed to sell 40 percent of its Indonesian business to Trans Corp., forming a strategic partnership in the country. It didn’t disclose the price.

The retailer may opt for a franchise model in India, and plans to open its first wholesale outlet in New Delhi in the next few months, Jean Noel Bironneau, managing director of operations in the South Asian nation, said in May.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.