Will Carrefour Belgium soon be acquired by German investor Aurelius?

(updated) The German investor Aurelius is reportedly interested in acquiring Carrefour Belgium. It is the first specific name to emerge as a potential buyer, but interest among other potential buyers appears to be limited.

Aurelius: a familiar stranger

Carrefour announced last month that it intends to focus on three core markets: France, Spain, and Brazil. Together, this trio generates 85% of revenue and a whopping 99% of profits. Belgium, Poland, and Argentina—accounting for the remaining 15%—are labeled as “other,” with all strategic options on the table: from growth to a full or partial sale.

Notably, Aurelius reportedly wants to acquire Carrefour Belgium in collaboration with local management, without splitting the company into saleable parts, according to De Tijd. Whether the Germans are the only serious contender remains unclear, but interest in Belgium’s third-largest supermarket chain is, for now, limited, according to the business newspaper.

Aurelius is no newcomer to Belgium. The investment fund acquired the deli division of What’s Cooking for 100 million euros at the end of 2024. A year earlier, the German group bought The Body Shop, but despite aggressive restructuring, the chain was ultimately forced to file for bankruptcy in several countries.

When asked, Carrefour remains non-committal: “As announced during the presentation of the Carrefour 2030 strategic plan, the portfolio review is now complete. Recent results from Belgium confirm the progress made and the positive momentum currently underway. Carrefour therefore remains fully committed to developing its business in Belgium over the long term.”