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Wednesday, 7 June 2017

Carrefour's Mideast Operator Is the Frontrunner in Geant Bid - Bloomberg

Carrefour's Mideast Operator Is the Frontrunner in Geant Bid - Bloomberg:

"Majid Al Futtaim Holding LLC, the Middle East operator of Carrefour SA stores, is the lead bidder for a controlling stake in the Geant Hypermarket chain, according to three people familiar with the matter.

 MAF, as the Dubai-based conglomerate is known, was up against Saudi Arabian retailer Bindawood Holding, the people said, asking not to be identified as the information is confidential. Bahrain-based private equity firm Investcorp Bank BSC acquired a stake in Bindawood last year. While MAF is close to concluding a deal, talks may still fall apart, the people said.

Privately-owned Majid Al Futtaim, whose assets include Dubai hotels and a mall featuring an indoor ski slope, is seeking acquisitions to fuel growth, Chief Executive Officer Alain Bejjani said in an interview with Bloomberg television last month. Geant, a franchise of French grocery retailer Casino Guichard-Perrachon SA operated by Dubai-based BMA International Group, hired BNP Paribas SA to advise on the sale, which could fetch as much as $500 million, people familiar with the matter said in December."

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