The GDN Group, owned by businessman Francisco de Narvaez, was one step away from buying Carrefour Argentina. After submitting a US$1 billion bid for the French chain’s business in Argentina, Progress is being made in drafting contracts to close the process
Sources close to the process confirmed to LA NACION that the sale could be closed in the coming days, although they also confirm in the market that the other finalists – the North American fund Klaff, the Coto chain and the Peru group that made a bid in recent days – are still in the race and it is not ruled out that they will end up making a bid when the auction closes.
So far, the only economic proposal on the table is the $1 billion presented by de Narvaez. For this project, GDN has partnered with L Catterton, the world’s largest private equity fund In consumer and clothing companies. Caterton’s main shareholders include the French group LVMH and Bernard Arnault himself (number one in the group) as a personal investor. De Narváez and Catterton are already partners in the clothing brands Caro Cuore and Rapsodia.
If it prevails, the GDN’s intention is to negotiate with Paris to maintain the Carrefour brand, under a licensing or franchising system like that followed by the French in other markets.
When consulted by LA NACION, GDN preferred not to comment.
Francisco de Narvaez is not the only candidate still in the race to stay with Carrefour Argentina. The Klaff and Coto Fund also continues to negotiate and Last week, Peruvian group Intercorp also joined the fight, Two months ago, the first cut in the tender organized by Deutsche Bank was not passed.
Intercorp is one of Peru’s major economic holding companies. It is led by Carlos Rodriguez Pastor, the richest man in that country. It has diversified its investments into food, pharmacies, retail and finance (including the main bank in Peru). It is the country’s leading supermarket retailer with brands such as Plaza Vea, Vivanda, Makro and Mass.
They confirm in the market that in recent days the Peruvians have made a very strong offer to stay with Carrefour in case the offers of GDN, Klaff and Coto are not successful.