“Carrefour is determined to continue growth on the local market. This acquisition proves our ambition to become the first choice of Romanians in terms of retailers, contributing to our network with two main formats – hypermarkets and convenience stores,” said Julien Munch, Carrefour Romania CEO.
The deal is subject to regulatory approval by relevant Romanian authorities and should be completed by the end of 2023.
Cora officials say that on a European retail market undergoing transformation, the parent group, Louis Delhaize, continues to strategically review its operations. Therefore, it assessed its Romanian business and reached the conclusion that Cora stores would have a greater potential if integrated into another retail group with a presence in the country.
This is not Cora’s first attempt to sell, as ZF has reported on several occasions over the years that shareholders were not happy and were looking for a buyer. This time Cora will exit Romania via the deal with Carrefour. The deal is put at EUR70 million to EUR90 million, according to ZF sources.
(English version by Loredana Fratila-Cristescu)