Carrefour’s chief executive Daniel Bernard has signed a new pact with two of the French supermarket’s core shareholders, giving them control of around 16 per cent of its share capital and a quarter of its voting rights.
Bernard, who owns 0.2 per cent of the company, hopes the new agreement, linking him to France’s Halley family, with a 12.5 per cent stake, and Spain’s March family, with 3.3 per cent, will provide the stability he needs to restore investor confidence.
Carrefour has underperformed the retail sector by 20 per cent in a year, making it vulnerable to a takeover bid. Wal-Mart, the world’s largest retailer by sales, dwarfs second-placed Carrefour and is seen as a potential stalker.
Bernard’s position at Carrefour has come under increased pressure. The appointment of Luc Vandevelde as the representative of the Halley family on Carrefour’s board has fuelled speculation he could be in line for the top job.
The Halley family want Vandevelde to put pressure on Bernard, chief executive since 1992, to lift the stock market rating and protect Carrefour’s independence.
Analysts believe Bernard has one last chance to persuade the Halley family he is the right man for the job, starting with second quarter sales figures due out shortly.
No comments yet