French retail giant Carrefour Group has announced that its joint venture in Turkey with Sabancı Holding, CarrefourSA, will undergo restructuring after 17 years of partnership.
Sabancı Holding is set to take over as the majority shareholder with the acquisition of an additional 12 per cent of CarrefourSA's capital from Carrefour Group, for a total of TL141m (€60m).
This move would give Sabancı Holding a 50.8 share, leaving Carrefour with a stake of 46.2 per cent, putting the Turkish company in charge of the joint venture's next stage of development.
According to Carrefour, the transaction is likely to be finalised by July 2013.
The news comes just over expressed the company's dissatisfaction with Carrefour’s operations in Turkey over the past five years, in which Carrefour’s global value has halved from €30bn to €15bn.
Following new CEO Georges Plassat's appointment last year, Carrefour has begun to prioritise its French operations, leaving markets such as Malaysia, Singapore, Colombia and Greece, and suggesting that exits from Turkey and Indonesia may ensue.
