Retail giant Carrefour has agreed to sell its stake in the joint venture with the Greek Marinopoulos group to its partner, which will remain the exclusive franchisee of the French multinational in Greece, Cyprus and other Balkan countries, a statement said on Friday.

“The Carrefour and Marinopoulos groups have decided to assign the management of Carrefour Marinopoulos’s operations to the Marinopoulos group and have agreed on measures that will allow the consortium face the challenges in Greece’s economic environment,” Carrefour’s statement said.

Sources said the deal will involve a €350 million share capital increase and is expected to be finalized in the next few weeks.

reporternet.com