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Carrefour To Sell Entire Share Capital Of Cargo Property Assets To Argan

French supermarket chain Carrefour SA (CRERF.PK,CRRFY.PK) said that it agreed to sell the entire share capital of Cargo Property Assets to Argan. This operation will contribute to achieving the objective of the Carrefour 2022 plan of divesting 500 million euros of non-strategic real estate assets.

The transaction would be based on a valuation of the real estate assets held by Cargo Property Assets of 900 million euros, transfer tax excluded. Carrefour would therefore receive a remuneration equivalent to about 290 million euros, about 80% of which in cash and 20% in Argan stock. Carrefour would hold about 5% of Argan's share capital.

The completion of the transaction is subject to the approval of Argan shareholders and other customary conditions.

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