Carrefour divests Indonesia unit stake to partner
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.