Carrefour continues selling

Carrefour exit from Indonesia this week  was no surprise, analysts said Tuesday, after the company announced the sale of operations in the country to its local partner CT Corp. The market was “aware that discussions were underway with Carrefour’s local partner in Indonesia,” explained Laurence Hofmann, from Oddo Securities.

Over the past six months, the company has sold its operations in Colombia and Malaysia, handed over its loss-making unit in Greece for one euro, and closed its stores in Singapore. “Carrefour’s retrenchment brings in further cash to reduce indebtedness and increases its focus on Western Europe, China and core Latin America,” said Clive Black, an analyst for Shore Capital, in a research note.

In the coming months, market observers don’t exclude the idea that the company may continue to shed international assets. Businesses in Turkey, Poland and Romania are the most likely candidates for further disposals, according to several analysts.