Blue Capital raises Carrefour stake to 12.9 pct
http://www.forbes.com/afxnewslimited/feeds/afx/200 [2008-7-21]
Tag : Blue World
PARIS, July 17 (Reuters) - Blue Capital, the holding companyjointly owned by billionaire Bernard Arnault and property groupColony Capital, said it had raised its stake in Carrefour to 12.9 percent from 10.7 percent.
The move came after the French retailer posted disappointing salesfigures last week which pushed its shares to a five-year low.
Blue Capital said it now had 12 percent of Carrefour's votingrights.
Carrefour, one of the world's biggest retailers after Wal-Mart (nyse: WMT - news - people ) , said it had been affected by a consumer spending slowdown causedby the effects of the global credit crisis.
Over the last year, Blue Capital has been gradually increasing itsinfluence in Carrefour which owns a wide portfolio of lucrativeproperty assets which Blue Capital would like to see generatinghigher returns.
In May, Arnault won a seat on Carrefour's supervisory board.Arnault is one of France's richest men and also chairman and chiefexecutive of luxury goods group LVMH .
Carrefour shares closed up 5.5 percent at 33.80 euros on Thursday,giving the company a stock market value of around 24 billion euros.
PARIS, July 17 (Reuters) - Blue Capital, the holding companyjointly owned by billionaire Bernard Arnault and property groupColony Capital, said it had raised its stake in Carrefour to 12.9 percent from 10.7 percent.
The move came after the French retailer posted disappointing salesfigures last week which pushed its shares to a five-year low.
Blue Capital said it now had 12 percent of Carrefour's votingrights.
Carrefour, one of the world's biggest retailers after Wal-Mart (nyse: WMT - news - people ) , said it had been affected by a consumer spending slowdown causedby the effects of the global credit crisis.
Over the last year, Blue Capital has been gradually increasing itsinfluence in Carrefour which owns a wide portfolio of lucrativeproperty assets which Blue Capital would like to see generatinghigher returns.
In May, Arnault won a seat on Carrefour's supervisory board.Arnault is one of France's richest men and also chairman and chiefexecutive of luxury goods group LVMH .
Carrefour shares closed up 5.5 percent at 33.80 euros on Thursday,giving the company a stock market value of around 24 billion euros.
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