Carrefour Turkey expands through acquisitions

04/05/05 Carrefour Turkey has entered into a binding agreement with Fiba Holdings to acquire the shares it owns in two Turkish retailers, Gima, which is listed on the Istanbul stock exchange, and Endi. Gima is the number 3 supermarket chain in Turkey operating 81 stores throughout the country. Gima is listed on the Istanbul Stock Exchange.

Endi is the number 4 discount chain in Turkey operating 45 stores. GIMA and ENDI together reported 2004 consolidated net sales of approx. euro 384 mm.

Fiba owns 60% of Gima and 56% of Endi. Gima owns the remaining 44% of Endi directly.

Following the acquisition of Fiba’s shares, Carrefour Turkey would launch a public tender for the remaining shares in Gima. The closing of the transaction and the finalization of financial terms are subject, inter alia, to the undertaking of due diligence and the approval of Turkish authorities, including the Capital Market Board (SPK) and the Turkish Competition Board.

Carrefour Turkey is currently the number 2 food retailer in Turkey with 2004 net sales of euro 702 mm. Carrefour currently operates 12 hypermarkets, 7 supermarkets and 255 hard discount stores in Turkey. With this transaction, Carrefour would become the leader of the Turkish food retail business operating under its 3 main formats: hypermarkets, supermarkets and discount stores.

This transaction confirms the commitment of Carrefour and its partner Sabanci, which owns 40% of Carrefour Turkey, in expanding joint operations in the Turkish market. This operation is part of Carrefour Group’s overall strategy to establish market leadership in all markets where it is present.