RIO DE JANEIRO, BRAZIL – Carrefour released a statement on Monday, February 10th, confirming negotiations with Makro’s controllers for a potential acquisition of real estate assets and accessories. According to the statement, the operation does not include the acquisition of Makro’s subsidiary nor of all operations in Brazil.
Despite market expectations that the agreement would be signed later this week, the company said that “the negotiations have intensified in recent days,” but there is no “guarantee that the operation will be concluded”. It further says that the figures mentioned in a news piece are “substantially higher than the maximum indicative value considered by the Carrefour Brazil Group”.
By incorporating Makro assets, Carrefour will reinforce its wholesale operation, the cash and carry – the result of an acquisition carried out in 2007. This platform has accounted for the bulk of the French group’s results in Brazil. Makro, which belongs to the Dutch group SHV, today holds 74 stores in the country, where it generates R$7 billion in sales per year.
Since 2018, the group has been “embellishing” its operation to ensure a more attractive value. The decision was taken both by the fact that SHV has been out of business for some time and because the chain does not have sufficient momentum to compete in the retail on equal terms with the market giants.