The French retailer Carrefour has begun negotiations to acquire Metro Markets Trading and Distribution, the retailer owned by the Egyptian Mansour Group.
Mohanad al-Adly, director general of Metro Markets, said the negotiations are halfway complete, but that the deal is definitely taking place.
Adly told Al-Masry Al-Youm that the acquisition would include supermarket chains Metro and Kheir Zaman, which employ 6,300 workers nationwide.
"We will provide you with detailed information later,” Adly said, refusing to disclose further details.
Several months ago, the Metro chains denied negotiations with Malik Group and Shater Group, two businesses owned by Brotherhood figures Hassan Malik and Khairat al-Shater.
Sources at the Egyptian Council for Commercial Centers said the completion of the acquisition would mean that Carrefour’s share of the retail market, through malls and chains, would increase to more than 60 percent, pointing out that more than 20 percent of retail sales in the domestic market are made by modern chains.
The Emirati Al-Futtaim Group has the right to manage and operate Carrefour chains in most Middle Eastern and North African countries.
Edited translation from Al-Masry Al-Youm
