(Reuters) -The family of billionaire Rodolphe Saade, owner of French shipping group CMA CGM, has bought a stake of around 4% in Carrefour to become its second-biggest shareholder, Europe's largest
Saade Family Acquires 4% Stake, Becomes Carrefour's Second-Largest Shareholder
(Reuters) -The family of billionaire Rodolphe Saade, owner of French shipping group CMA CGM, has bought a stake of around 4% in Carrefour to become its second-biggest shareholder, Europe's largest food retailer said on Wednesday.
The purchase heralds a new era among major Carrefour shareholders, as Peninsula, the family holding of the late Abilio Diniz, has now sold its 8% stake, Carrefour said in a statement. Financial details were not disclosed.
Carrefour said Saade would get a seat on its board to replace Peninsula, which was represented by Eduardo Rossi, for the remainder of its term up to the 2028 annual general meeting. The switch will take effect from December 1, it added.
"Carrefour's transformation, which combines innovation, operational discipline and environmental responsibility, is aligned with the values that guide our commitment," Saade said in the statement.
"By joining its board of directors, I intend to contribute to this momentum and support the Group’s long-term development," he added.
Galfa, the holding of the family that owns French department store Galeries Lafayette, remains Carrefour's largest shareholder with a 9.46% stake.
(Reporting by Mathias de Rozario in Gdansk and Dominique Vidalon in Paris. Editing by Mark Potter)
