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Carrefour Sells Stake in Middle East Operation

The world’s second-largest retailer after Wal-Mart Stores Inc. said Wednesday it has sold its 25 percent stake in Majid Al Futtaim Hypermarkets for $700.4M.

PARIS — Carrefour said Wednesday it has sold its 25 percent stake in Majid Al Futtaim Hypermarkets for 530 million euros, or $700.4 million at current exchange rates, to its partner in the region, Majid Al Futtaim Holdings.

The world’s second-largest retailer after Wal-Mart Stores Inc. said it also extended its long-term franchise agreement with Al Futtaium through 2025, with the pact covering new countries and formats.

The partners have operated in the Middle East, northern Africa and central Asia since 1995. Today, they count 50 hypermarkets and 44 supermarkets.

Carrefour also recently sold its 60 percent stake in Carrefour Indonesia to its localpartner, as well as its operations in Malaysia.