Carrefour has postponed its proposed plans to spinoff of 25% of its property unit, The Wall Street Journal reports. The French retailer was seeking a three-way split of the company as part of a wider restructuring plan that also includes a €1.5 billion revamp of its hypermarkets.
French businessman, Bernard Arnault, and Colony Capital, who jointly control 14% of Carrefour’s shares, have been pushing to spin off the company’s property unit and its discount chain, Dia. The spinoff has been delayed due to the departure of the head of Carrefour’s French business, James McCann.
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