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Carrefoursa chairman quits ahead of possible sale
July 16, 2012 / 1:38 PM / in 5 years

Carrefoursa chairman quits ahead of possible sale

ISTANBUL, July 16 (Reuters) - The chairman of the board at the Turkish unit of Carrefour, Europe’s biggest retailer, and its other Turkish board members quit on Monday in what analysts said may be a sign partner Sabanci Holding plans to sell its stake.

Haluk Dincer, who is also president of Sabanci’s retail and insurance group, stepped down from Carrefoursa’s board, along with three other members, according to a filing with the Istanbul Stock Exchange.

Sabanci said in February it was not happy with Carrefoursa’s performance and had mandated a bank to review its strategic options regarding its stake.

“Because we did not see the necessary support and help from majority stakeholder Carrefour, we realised we could not be of benefit and took the decision to resign,” Dincer said in a separate e-mailed press statement.

Sabanci, a major Turkish conglomerate with interests in banking and energy, owns 38.8 percent of the chain, and Paris-based Carrefour owns 58 percent. Just 2.2 percent of the venture is publicly traded on the Istanbul bourse.

The move sent Carrefoursa’s shares 5.7 percent higher to 16.65 lira at 1310 GMT, compared with a 0.1 percent rise in the main stock index. The stock rose as high as 9.24 percent. Sabanci shares rose 0.3 percent to 7.80 lira. (Reporting By Ayla Jean Yackley and Ceyda Caglayan)

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