21 November 2012
Clifford Chance advises Carrefour on the sale of its 60% stake in its Indonesian operations
Leading international law firm Clifford Chance has advised Carrefour on the sale of its 60% stake in Carrefour Indonesia for €525 million to its local partner, CT Corp, which will become Carrefour's exclusive franchisee in the country. The deal is expected to close in January 2013, subject to the approval of the Indonesian anti-trust authorities.
Corporate partner Emma Davies led on the deal along with Finance partner Peter Kilner. They were supported by senior associate Satbir Walia. The deal also involved assistance from Partner Mathieu Remy and associate Julien Brun in the Paris office.
Hadiputranto, Hadinoto & Partners, the member firm for Baker & McKenzie in Indonesia, advised on the Indonesian law aspects.
Previously, Clifford Chance assisted Carrefour on the sale of its Malaysia operations to Japan's Aeon Co, Ltd which closed last month, and on the sale of its hypermarket business in Thailand to Big C, an affiliate of France's Casino Group in November 2010.
Carrefour Group is the largest retailer in Europe, and the second largest worldwide, with more than 9,900 stores under banner in 30 countries and 412,000 employees.
CT Corp, founded by Chairul Tanjung in 1987, principally operates in three sectors in Indonesia: financial services, natural resource management, and media and personal services including food distribution with Carrefour Indonesia.