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Malaysia – Wong & Partners Advises Carrefour On The Disposal Of Its Malaysian Operations To Aeon.

15 November, 2012

 

 

Wong & Partners, the Malaysian member firm of Baker &
McKenzie International, advised Carrefour, who operates the hypermarket chain in Malaysia through its subsidiaries Magnificient Diagraph Sdn. Bhd. and Carrefour Malaysia Sdn. Bhd., on the disposal of its entire Malaysian operations to Japan listed AEON Co., Ltd ("AEON") at an enterprise value of Euro 250 million (approximately RM990million). Partners Adeline Wong, Munir Abdul Aziz and primary associate Wong Meng Yew and Janice Ng (Tax Manager) were involved in the representation of Carrefour on this deal on both the transactional and tax aspects, with further support from lawyers in the Paris office. 
 
"The transaction is part of Carrefour's strategy of refocusing on its core activities and allocating its resources to mature countries where it occupies strong and established positions and emerging markets where it has strong growth potential," the French retailer said in a statement posted on its website.
 
"We are very pleased with the successful outcome of the deal and we are privileged to have had the opportunity to represent Carrefour on this matter." said Adeline, who is also head of the Firm's tax practice.
 
The 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. Present in Malaysia since 1994, Carrefour is the fourth-largest retailer in the country with 26 hypermarkets, with net sales of EUR400m for the 12 months to 30 June.
 
AEON Co., Ltd. is the largest retailer in Japan, operating 540 general merchandise stores and 1,502 supermarkets in Japan, and 113 stores outside its domestic market as of end of August 2012. Established in 1984 in Malaysia, it has 29 stores.
 
With the acquisition by AEON of the Carrefour stores in Malaysia, AEON will expand i ts existing 29 stores comprising 25 general merchandise stores and 5 supermarkets to a total of 55 stores, with an additional 3 stores planned for opening in the near future.
 
For further information, please contact:
 
Jamie Kar, Baker & McKenzie
jamie.kar@bakermckenzie.com

 

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