20 Oct 2012

Carrefour shares up

1:11 pm on 20 October 2012

Shares in Carrefour rose almost 7% after the French retail company announced the sale of its Colombian business to Cencosud of Chile for 2 billion euros (£1.6 billion).

Carrefour operates 72 hypermarkets and 20 other stores there, with annual sales, excluding petrol, of 1.5 billion euros.

The BBC reports the sale is part of a strategy to pull out of non-core markets. Carrefour also intends to exit Singapore and Greece and has shut a number of stores in Europe.

Cencosud already has operations in Chile, Brazil, Peru and Argentina. It has been in Colombia since 2007.