Exit from Taiwan lifts shares of French company Carrefour - Reuters

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View of a Carrefour Hypermarket store in Nantes, France, February 4, 2022. REUTERS/Stephane Mahe

PARIS, July 20 (Reuters) - Shares in French food retailer Carrefour (CARR.PA) rose 3% on Wednesday after it agreed to sell its remaining 60% stake in its Taiwan business, sparking hopes among some investors it could use the extra firepower to buy back shares.

By 0702 GMT, Carrefour shares were up 3.01% at 17.48 euros.

The transaction, which values Carrefour Taiwan at an enterprise value of 2.0 billion euros, is set to be completed by mid-2023, the French company said in a statement. read more

"This is at a better price than originally speculated (which was 1.6 billion euros back in August 2021) given an estimated enterprise value of 2 billion (for 100% of the business)," wrote brokerage Jefferies.

"A mid-2023 completion should provide the firepower for another, sizeable share buyback. We estimate an earnings accretion in the mid single digit region," they added.

Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta

Our Standards: The Thomson Reuters Trust Principles.

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