Galeries Lafayette becomes referential shareholder at Carrefour

Larger stake than Colony Capital

The Moulin family announced that its Motier holding had obtained 6.1 % of the shares of Carrefour, the world’s second largest distribution group. This “strategic and patrimonial investment” means that the Moulin family is now Carrefour’s second largest shareholder, trailing Groupe Arnault (8.88 %), but ahead of Colony Capital (5.89 %).

The holding emphasizes it is a “friendly entrance into Carrefour”, while Philippe Houzé (the current CEO at Galeries Lafayette) will enter its board of directors. It has however no intention to join the Arnault-Colony consortium, where both other major shareholders discuss which stance they will take in Carrefour’s board.

Participation worth 1.3 billion euro

The participation of the Moulin family is apparently worth some 1.3 billion euro, almost as much as what Galeries Lafayette received when it sold its 50 % stake in Monoprix to Casino. Hefty and public discussions preceded the Monoprix sale, but that storm has passed by now.

Motier is also planning an expansion of its core business (large warehouses) and “will invest the necessary means to do so in the next few years”, although the holding refused to comment more specifically.