By  on March 2, 2011

PARIS – Carrefour SA, the world’s second-largest retailer behind Wal-Mart Stores Inc., has submitted a proposal to employees and shareholders to spin off 100 percent of its hard discount brand Dia and 25 percent of its real estate division, Carrefour Property.

Carrefour said it planned to distribute the totality of Dia shares to Carrefour shareholders in the form of an extraordinary dividend. Under the proposal, each Carrefour shareholder would receive a number of Dia shares equal to the number of Carrefour shares held. The Dia shares would be listed on the Madrid stock exchange.

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