06/18/2024 – 10:22
The French Ministry of Economy stated this Tuesday, 18, that it requested a court in Rennes to impose a fine and invalidate several clauses in contracts between Carrefour and its franchisees, after investigations concluded that several companies in the group were involved in practices contrary to the country’s commercial code. The amount was not revealed, but press reports say that the ministry requested a penalty of 200 million euros (US$214.7 million).
Carrefour’s shares fell 8.7% in the early morning (Brasília time) at 13.28 euros, at their lowest since November 2020, with a drop of 86 million euros in the company’s market value in one day.
The intervention is part of a demand presented by almost 170 franchisees at the end of 2023, the ministry added.
Carrefour responded in a statement and stated that the fine was disproportionate, expressing full confidence that it will prove the validity of the contracts and the balance in the relationship with its partners. Source: Dow Jones Newswires.
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