April 11, 2017

Sale of Le Charcutier Aoun to Majid Al Futtaim stalls. Plan to turn it into Carrefour

An agreement to purchase Le Charcutier Aoun by Emirati retail giant Majid Al Futtaim, operator of Carrefour supermarkets, has stalled. A press conference was called last week to announce the deal, and was later cancelled, or postponed.

“Negotiations are underway but the deal is not complete yet,” a source close to the deal said. Both sides have refrained to comment on the record. One of the parties leaked the news over the weekend, to exert negotiation pressure.

Le Charcutier Aoun is the biggest supermarket chain in terms of branches, with 14 outlets totalling 110,000 square meters. It is owned by brothers Joseph, Abdallah, and Kamal Aoun.

Majid Al Futtaim plans to purchase the chain and turn it into the Carrefour brand. Currently, there is a single Carrefour, located at City Centre Beirut, in Hazmieh.

The deal, if completed, would probably be the largest acquisition agreement in the retail sector. A few years ago, The Sultan Center (TSC) purchased the locations and assets of Monoprix-Géant for a bit more than $100 million.

Le Charcutier Aoun was founded by Antoun Aoun in 1953. Carrefour started local operations in 2013. Majid Al Futtaim operates Carrefour in the Middle East under a franchise agreement with the French chain.

Source:

http://www.businessnews.com.lb/cms/Story/StoryDetails.aspx?ItemID=6004

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