Carrefour open to potential partnership for its Brazil unit but is not seeking a buyer, says CEO

LOS ANGELES , August 18, 2011 () – Carrefour SA is open to a potential partnership for its Brazil unit but is not seeking a buyer, said CEO Lars Olofsson in an interview with O Estado de S.Paulo newspaper, Reuters reported Aug. 17.

The company is not in discussions with Wal-Mart Stores Inc. despite the fact that, according to a source close to the matter, Wal-Mart has contracted an adviser over a possible acquisition of Carrefour’s Brazil business.

Carrefour is interested in strengthening its Brazilian operations, a crucial market for the company whose business elsewhere, such as in Spain and France, has lagged.

Last month the company was unable to merge with Brazil’s top retailer, Grupo Pao de Acucar, on opposition from Casino Guichard Perrachon, a Pao de Acucar controlling shareholder. Carrefour remains interested in such a merger.

The primary source of this article is Reuters, London, England, on August 17, 2011.

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