French retail giant Carrefour pulling out of supermarket venture in Greece
June 16, 2012, 12:04 am TWN
PARIS -- French retail giant Carrefour SA is selling its stake in a supermarket joint venture in Greece because of economic uncertainty in the country.
Carrefour says in a statement Friday that the Marinopoulos group will buy the stake in the two companies' joint venture, Carrefour Marinopoulos.
Marinopoulos will now manage the joint venture's supermarkets in Greece, Cyprus and in Balkan nations.
The statement cited "the challenges of Greece's prevailing economic environment" and said the sale will result in a charge of US$220 million to the Carrefour group.
The move comes two days before Greeks vote in elections that may determine whether Greece sticks with international bailout terms and stays in the eurozone.