Carrefour in talks to buy stake in Victory

Victory  picture: Tamar Matzapi
Victory picture: Tamar Matzapi

An investment by the French retailer would enable the Israeli supermarket chain to bid for Mega.

Victory Supermarket Chain Ltd/ (TASE: VCTR) notified the Tel Aviv Stock Exchange (TASE) this morning that it is in talks with French retailer Carrefour S.A., which is the world's second largest retail chain, about an investment in the Israeli company. Such an investment by Carrefour would allow Victory to bid for the financially troubled Mega supermarket chain. Yesterday the Lod District Court postponed the deadline for bids to buy Mega until Friday afternoon.

In January, Victory announced that it would be bidding for Mega to gether "with a leading European retail food chain."

Victory, owned and managed by Eyal Ravid operates 30 supermarkets around Israel. The chain has 30,000 square meters of commercial space and 1,800 employees and has a market cap of NIS 446 million. Victory's share price rose 6% on the TASE this morning following the announcement.

Published by Globes [online], Israel business news - www.globes-online.com - on March 10, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

Victory  picture: Tamar Matzapi
Victory picture: Tamar Matzapi
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