FRENCH group Carrefour yesterday said discount chain Dia was likely to be valued at more than €3.6bn (£3.1bn) when it is spun off in July.
The company believes separating Dia will allow it to focus on developing its own brand and highlight the value of the chain. It is under pressure to boost its share price from top investors French luxury tycoon Bernard Arnault and US private equity firm Colony Capital, who are down almost 40 per cent on stakes bought largely in 2007.
Carrefour also said its hypermarket division was performing well. It had orginally planned to spin off 25 per cent of its European property business but shelved the scheme.
“Carrefour is not meant to be a conglomerate,” chief executive Lars Olofsson said.
City A.M. Reporter