GO
Loading...

Enter multiple symbols separated by commas

Reliance Eyes 13% Carrefour Stake

Reliance Industries is considering buying a 13% stake in France's Carrefour, the world's second-largest retailer by sales, in a move that would catapult India's largest private-sector group into the ranks of the world's top retailers, according to a report in the Financial Times.

The stake Reliance is looking to purchase, which last night was wourth nearly 5 billion euros ($6.6bn), is currently held by the Halley family, Carrefour's largest shareholder. Talks between the two parties have not yet begun, a person familiar with the situation told the FT.

"If the opportunity (to purchase the Halley stake) is available, we'd like to explore the opportunity and take it forward," said the person familiar with the situation, according to the paper.

The Halley family control 20% of the group's voting rights thanks to a convention that allows longer-term investors to have a larger say in its affairs, the FT said.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • WiFi via drones

    Facebook wants to keep growing and has designed a drone that will provide Internet service in remote areas. CNBC's Julia Boorstin reports.

  • SoulCycle files for IPO

    CNBC's Dominic Chu reports the banks listed for underwriters for the SoulCycle IPO.

  • Street Talk: ORCL, SCTY, WDC, SFLY & RLYP

    "Power Lunch" hosts Melissa Lee and Brian Sullivan look at 5 stocks with analyst recommendations, including biotech Relypsa.