As expected, Carrefour has split off its Spanish discounter Dia and introduced it to the Spanish stock exchange. Dia, the third largest discounter in the world, has a yearly turnover of 10 billion euro.
Carrefour earned 2.3 billion euro with the spin-off, which was planned mostly to give compensations to some high-profile stockholders like LVMH, who were disappointed with recent results.
In June, the Dia shares were valued at 3.5 euro, the price Carrefour had paid for the last Dia shares. Straight after the stock exchange opening, the value dropped to 3.2 euro, reducing the revenue for Carrefour to 2.3 billion euro. Carrefour can use this sum to compensate for the disappointing results of the last few years – the group has had to issue a profit warning three times in the last year alone.
Frontal attack on Brazilian front
On another front, the Brazilian one, Carrefour has officially approved negotiations for taking over the Grupo Pão de Açúcar. The resulting merged company should have a yearly turnover of more than 30 billion euro. Casino, GPA’s current co-owners, are not pleased (to say the least) with the new step of their arch-rivals Casino.