Moulin family is Carrefour's most powerful shareholder

The Moulin family, which owns the French luxury department store chain Galeries Lafayette, is now officially also Carrefour‘s most powerful shareholder. Another change at the top is the inclusion of former Casino partner Abilio Diniz.

Four captains on board

The Moulin family owns 11.51 % of the company and has been Carrefour’s largest shareholder since July 2015, but the French company’s articles of association state that shares that have been someone’s property for more than two years have double voting rights, according to French business paper Linéaires.

Because of this rule, the family was not the most powerful shareholder, but rather LVMH owner Groupe Arnault which has 8.95 % of shares, but those are worth 11.92 % of all voting rights. However, at the start of this month, the Moulin family obtained 15.33 % of all voting rights because of the rule, which makes it the most powerful shareholder in Carrefour’s ranks.

Another poignant fact: Brazilian Abilio Diniz, former partner at Carrefour’s main competitor Casino and Carrefour shareholder since 2014, paid 500 million euro for additional Carrefour shares on 23 March, which turned him into the company’s third largest shareholder (with 8.05 % of shares). He surpassed Colony Capital (5.23 %) and is only slightly smaller than Groupe Arnault (8.95 %). The move will also propel him into the board later this year, according to Linéaires.

“It is reassuring for Carrefour that about 42 % of its voting rights are in the hands of its most serious shareholders, because these newcomers mostly invest for the long term. On the other hand, they will have to agree on the group’s future. Four captains on one ship may be a bit too much”, Linéaires said. Time will tell…