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Carrefour Announces Significant Share Repurchase from Galfa

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Carrefour has officially confirmed that it has entered into an agreement with Galfa, a Motier subsidiary, to repurchase 25 million of its own shares, which accounts for approximately 3.5% of its total capital. This strategic move, announced on March 26, 2024, will see Galfa's remaining stake in Carrefour adjusted to 7.71% of the capital, alongside 13.3% of the voting rights.

The transaction forms a significant part of Carrefour’s €700 million share buyback scheme planned for 2024. The buyback received unanimous approval from Carrefour's Board of Directors, with an affirmative fairness opinion from Cabinet Finexsi. The agreed sale price sums up to 365 million euros, with funds expected to be transferred shortly. The share delivery is scheduled post the detachment of the annual dividend, subsequent to the Annual General Meeting on May 24, 2024.

Both Alexandre Bompard, chairman and CEO of Carrefour, and Philippe Houzé, vice-chairman of Motier and Carrefour's Board, have expressed their satisfaction with the transaction and reiterated their commitment to the partnership. Galfa also announced a 6-month lock-up period for its Carrefour holdings, with certain exceptions, and plans to extend the maturity of call options on 10 million Carrefour shares until December 2025.

R. P.

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