In December 2025, Argentina’s retail scene can close out the year with one of the biggest deals in history as Francisco de Narváez pursues his obsession: buying Carrefour Argentina.
During these hours the businessman and owner of the chain of Supermarkets in Changomas It is in Europe, as those around it admit.
Although they do not identify which country of the old continent he would be in, Everything indicates that it would be in Francemore precisely in Paris, where the European holding has its headquarters, in the Massy district, in the greater area of the French capital, more precisely on Avenue 93.
Last November, the former national MP already formalized his bid to remain 700 branches Carrefour has various formats that Carrefour operates in the country, distributed in hyper, 80 markets, 35 wholesalers and 450 express models, in addition to its own financial unit such as Financial Services Bank, an employee network of 17,000 employees, branches in 110 municipalities and a market position of 21.1%.
Qan aggressive $1 billion proposal on the table Acquiring this operation also wants to enter into an agreement for the continued use of the Carrefour brand, which, if successful, will certainly force it to increase its initial offer and sign a strict compliance contract with the board of the French conglomerate.
New king?
In the market they assure that it is not just a financial transaction, but the final chapter of what many analysts call a strategic “obsession” to reclaim the throne of supermarkets Her family founded Casa Tía and which he himself sold in the 90s.
They remember this even after the purchase Walmart Argentina (now Changomás) in 2020, De Narváez made it clear that his return to the industry was not a testament.
De Narváez operates with this brand 92 shops of its various formats in 21 provinces and in the federal capital, but its main presence is in the province of Buenos Aires, where there are 31 stores, including hyper and super formats, but it also has a sizeable market in other provinces such as Mendoza (5 stores), Tucumán (5), Córdoba (6), Río Negro (4) and Salta (4).
However, the extent of Carrefour – with its local network (Express) and its dominance in the AMBA – is the missing piece to control the market and become “the lord of the gondolas” or “the king of the changuito”.
In this sense are the cornerstones of the offer From Narvaez They are built on the strength of GDN, of which it controls 60% of capital, while the remaining 40% is in the hands of its partners in the L Catterton fund (linked to luxury giant LVMH), with which it already shares business in brands such as Rapsodia and Caro Cuore.
It also added the interest of Eduardo Elsztainthe owner of the IRSA Group, is considered Argentina’s largest real estate developer and owner of the country’s most important shopping centers.
The entrepreneur is not trying to end up in the supermarket, but rather to use part of the assets Carrefour Argentina to increase its presence in the real estate business.
Unlike other bidders, the entrepreneur’s intention is to obtain the Carrefour brand through a license or franchise system similar to that used by the French parent company in Morocco or Greece.
Farewell to Uruguay
To focus resources on this process, From Narvaez put up for sale its operations in Uruguay, where it controls Ta-Ta, a large retail chain operating through a network of supermarkets, hypermarkets, discount stores, specialty stores and its e-commerce platform.
There is already a signed letter of intent with the Paraguayan conglomerate Vierci, which is already present in several countries in the region, such as: Brazil, Uruguay, Panama, Bolivia, Chile, Peru and even in the United States.
It would also separate from the pharmacy chain Saint Roch and the clothing company BAS, which operate independently but whose balance sheets are presented jointly with those of the Ta-Ta Group.
In the last few hours, Uruguayan media reported the existence of a group from that country that had also shown interest in taking over Uruguayan companies From Narvaez.
There is also a direct line to several domestic and foreign banks, which would enable you to obtain sufficient funds Close the deal before Christmas comes.
Coto is still in the race
In any case, and although he is the favorite, the race is not won, as important rivals appear along the wayAlfredo Cotothe historical leader of local supermarkets.
The owner of the chain that bears his last name put together a sort of “task force” for him to apply for Carrefour Argentina founded by UBS Bank as a financial advisor; the consulting firm Deloitte; the Bomchil law firm, which advises the largest French corporations in Argentina, the consulting firm S+R Gestion and even a French M&A boutique operating under the trade name EuroLatina Finance.
All led by German Coto, Alfredo’s eldest son, who is now responsible for the chain’s expansion process and is preparing to consolidate the succession of his father, currently 83 years old. In addition, a few days ago, together with the American fund Klaff Realty, it presented a counteroffer that envisaged a dismantling of the Carrefour brand or a division of assets.
The chain currently has more than 120 branches and 36 hypermarkets in the country, 81 supermarkets and eight mini-markets, most of these stores are located in the Buenos Aires metropolitan area.
The company also operates three meat processing plants and a poultry plant from which it exports to the rest of the world. The Klaff Realty fund does not have a presence in Argentina since it currently controls the Tienda Inglesa chain in Uruguay, which gives it experience in the sector and the means to meet the economic claims of the French group of almost 2,000 million US dollars following the sale of its Argentine business.
Peruvian giant Intercorp has also shown aggressive interest in recent weeks as a “cover” that could derail the local plans of Carrefour or Coto.
official intervention
If From Narvaez Whoever stays with Carrefour would control about 29% of the market, with 800 stores and almost 40,000 employees, although with little geographical overlap, as Changomás is strong in the interior and Carrefour is strong in CABA/GBA. However, both this possible transaction and a deal with Coto would mean the initiation of an investigation by the national government to analyze whether either transaction represents strong market concentration.
Beyond the results, it is clear that for the parent company of Carrefour in FranceUnder the leadership of Alexandre Bompard, Argentina is no longer strategically important due to macroeconomic instability.
The concerns of regulators, such as National Commission for the Defense of Competition (CNDC), It would be the domain in the Buenos Aires metropolitan area.
In any case, for De Narváez it is an opportunity to close a personal and business circle, from owner of a discount chain (Changomás) to manager of the country’s most comprehensive retail ecosystem, including hypermarkets, local stores and wholesalers.
The last December 15th was the deadline for binding offers, considering that in the previous deadline, November 20th, only De Narváez managed to formalize a concrete proposal before Deutsche Bank, the company chosen by the French group to lead its exit from Argentina.
Now the European holding company’s board is expected to announce before the end of the year whether it will accept De Narváez’s check or the Coto-Klaff Realty duo’s aggressive initiative that would reshape mass consumption in Argentina for the next decade.
In both cases, the map of mass consumption in Argentina would undergo the most drastic change in 30 years.
The least thought of option
In De Narváez’s case, he would take over the tightest logistics network in Argentina, which would allow him to optimize distribution costs in a way that neither Coto nor Cencosud could achieve in the short term.
In addition, the group would cover all social classes, from the customer looking for massive savings at wholesalers or Changomás to the local and premium consumer at Carrefour stores.
In any case, the version that has been circulating in recent weeks is that the board of directors of the French company could suspend or postpone its departure from the country until 2026.
In reality, until you find an investor capable of meeting your financial and commercial expectations, which, according to those who promote this theory, neither De Narváez nor Coto and Klaff Realty would meet.
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