Carrefour Purchase of Promodes Approved Creating Second Largest Retailer.

Food & Drink Weekly | January 31, 2000 | Copyright

Carrefour SA, France's top retailer, won approval from the European Union (EU) for its planned $17-billion takeover of rival (also France-based) Promodes SA. The merger creates the world's second-largest retailer after Wal-Mart Stores, Inc., with one-quarter of the French market and 9,000 stores worldwide. The new company is called Carrefour Group.

The European Commission (EC) gave its partial seal of approval to Carrefour SA's acquisition of Promodes SA, but charged French and Spanish authorities with investigating local aspects of the deal. In addition, the EU's ...

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