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Carrefour Ditches Greek JV as Possible Euro Exit Looms

Fox Business - Jun 15, 2012

Rattled by the increasingly tumultuous situation in Athens, French supermarket giant Carrefour is pulling out of Greece by unloading its entire stake in a joint venture.

The move comes just days before Greeks head to the polls for a crucial vote that many believe could determine whether the debt-ridden country stays in the eurozone or embarks on a potentially calamitous exit.

Paris-based Carrefour said the decision to sell its stake in Carrefour Marinopoulos back to the Marinopoulos group should allow the joint venture to “meet the challenges of Greece’s prevailing economic environment.”

“This agreement gives Carrefour Marinopoulos the necessary means and flexibility to refine its business model, continue to serve its customers and consolidate its leading position in Greece,” Leonidas Marinopoulos, president of Marinopoulos Brothers, said in a statement.

Due to the reorganization, Carrefour said it plans to take a mostly non-cash charge of about 220 million euros under discontinued activities. The move means Marinopoulos Brothers will become a franchisee.

Read more: http://www.foxbusiness.com/industries/2012/06/15/carrefour-ditches-greek-jv-as-possible-euro-exit-looms/#ixzz1xsbes7gk

Read Full Article from Fox Business

- Posted: 2012-06-15 12:24:16

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