Carrefour exit South Korea sells to E-Land

Carrefour South Korea sells to E-Land
Carrefour has finally announced that it has signed a deal to sell its 32-strong hypermarket network in South Korea to local fashion retailer E-Land in a deal worth SKW1.75 trillion (USD1.77 billion). Carrefour has been in talks with four companies, Lotte Shopping, Shinsegae, Tesco and E-Land, since March, with the latter viewed as the market outsider in terms of clinching the deal. Indeed, Lotte Shopping, flush from funds from its recent IPO and eager to catch up with hypermarket leader Shinsegae quickly emerged as the favourite to tie up the deal. Tesco, also keen to cement its position in one of its key markets, was also widely tipped. However, Carrefour is thought to have been happy with price E-Land was offering for the stores, as well as assurances that the deal could be completed quickly.
The chief executive of Carrefour Korea, Philip Broianigo, said, "The group aims at being one of the top discounters in a country. Otherwise, we exit the nation. That's why we're leaving South Korea."