Saturday, March 17, 2007

Reliance interested in acquiring stake in Carrefour?

According to news sources, RIL is reportedly interested in taking its retail venture to the international scale and is wanting to acquire stake in French retailer Carrefour. RIL has earmarked $14 billion to create an international business leveraging on its farm-to-fork supply chain project and wants to create a world class retail venture on a global scale. Other companies that Reliance has been talking to are Sainsbury and Marks & Spencer in the UK and Kmart and Target in the US. The Haley family who has 13% stake in Carrefour, have reportedly asked two banks to find buyers for its share of the company. The French public owns 84% of the company and employees own 2.2% of the remaining shares of Carrefour.

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