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Sabanci Holding CEO: Don’t Want To Continue Current Carrefour JV 24 février 2012

Posted by Acturca in Economy / Economie, France, Turkey / Turquie.
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Dow Jones International News (USA) February 24, 2012

By Joe Parkinson, Istanbul

Sabanci Holding (SAHOL.IS) wants to end its joint food retail venture with Carrefour SA (CA.FR) because the French retailer is failing to capitalize on opportunities in Turkey’s fast-growing consumer market, Sabanci’s chief executive said Friday.

In an interview with Dow Jones Newswires, Zafer Kurtul said: « We don’t want to continue the business as it is. At the moment we are 40% and we don’t have the management control. We’re not happy with the performance of the company so we want to change the situation. We started working with our advisers and now we’ll start discussing. »

Kurtul wouldn’t comment on whether Carrefour was likely to relinquish shares to Sabanci, which is Turkey’s No. 2 holding company–with interests in banking, retail and energy. Carrefour operates in Turkey as CarrefourSa, of which 58.2% is held by Carrefour and 39.8% by Sabanci with the remainder floating on Istanbul’s stock exchange. The company operates 27 hypermarkets and 216 supermarkets in the country under the Carrefour brand.

Carrefour’s sales in Turkey including tax were EUR1.18 billion in 2011.

Kurtul said there would be no political or regulatory interference in Sabanci’s effort to win a majority stake in CarrefourSa.

Relations between Turkey and France deteriorated rapidly last month after France’s senate passed a law criminalizing denial of what many see as the Armenian genocide of 1915. Turkey, which insists that there was no genocide and that large numbers were slaughtered on both sides, reacted furiously with government ministers mulling whether business relations could be hit.

« There won’t be any regulator. There’s no political agenda here at all, » Kurtul said.

A spokesman for Carrefour declined to comment on the news.

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