Carrefour expecting acquisition offers

“We are willing to analyze any offer which comes our way, but will not take the first step. If they want to sell, they know we have money to buy. We are presently analyzing another possibility of taking over a store network, but I cannot provide details on this matter,” said former CEO of Carrefour Romania, Jacobo Caller Celestino. According to several market sources, the network in question is G’market. Celestino added that there are several networks interested to sell, and sources state that Trident and Ethos are also on the list. However, Celestino indicated that “neither Primavara nor Ethos have made a proposal to date.”

During his two years at the head of Carrefour Romania, Celestino held talks with Artima, Plus Discount, Pic and La Fourmi, resulting only in the takeover by the French retailer in October 2007 of the Artima supermarket network from the Enterprise Investors fund for €55 million. The former Carrefour CEO indicated that the other networks had insufficient sales space and were asking for prices in excess of what the retailer is willing to pay.

Celestino believes there is still room for growth on the market, especially on the supermarket segment, involving numerous takeovers, and he expects only three major players to survive on the hypermarket segment and three-four national supermarkets networks. Jacobo Caller Celestino, who will go on to head Carrefour Russia, believes that Carrefour Romania can add several hundred supermarkets to its present 12 hypermarkets.

On the Romanian market, Carrefour’s competitors on the hypermarket segment are Auchan, Cora, Real, Pic and Kaufland, while principal supermarket retailers are Billa, Mega Image, Interex and Spar.