logo
Plus   Neg
Share
Email

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The media mogul and Billionaire Sumner Redstone passed away on Tuesday at the age of 97, his family's holding company National Amusements said in a statement on Wednesday. He was Chairman Emeritus of ViacomCBS and chief executive officer of National Amusements. Customers in the U.S. are preferring digital or touchless payment methods due to concerns arising from the COVID-19 pandemic, a survey said. According to the survey by Rapyd Financial Network, the coronavirus pandemic has raised health and safety concerns around using cash and coins, and is accelerating the pre-existing trend toward digital transactions. American Airlines has extended its offer to waive change fees for customers who purchase tickets for travel, until December 31, 2020 in response to lower travel demand due to the coronavirus pandemic. This means that the travelers need not pay penalties for changing the origin and destination cities.
Follow RTT