Carrefour, Trans Corp dealThis article was originally published in Foodnews
FRENCH retail giant Carrefour and Trans Corp have concluded a strategic partnership which aims to accelerate Carrefour's growth and development in Indonesia. Under the agreement, Trans Corp will buy 40% of PT Carrefour Indonesia, while Carrefour will retain a controlling 60% stake. Trans Corp is the holding company of Para Group's media, lifestyle and family entertainment businesses. "The partnership will generate operational synergies with Para Group businesses, particularly in financial services (banking, insurance, consumer finance), media, lifestyle and family entertainment," Carrefour said in a statement. Carrefour Indonesia started operations in 1998 and now operates 79 stores (63 hypermarkets, 16 supermarkets) in 22 cities. Recording a gross turnover of EUR890 million in 2009, Carrefour Indonesia works with thousands of suppliers, including many SMEs across Indonesia and plans to open 13 new stores in 2010. Carrefour recently recorded a 5.5% rise in sales to EUR23.9 billion for the first quarter of 2010.