PARIS May 5 Europe's largest retailer,
Carrefour CAR.PA, said on Thursday it had asked its board to
defer the planned listing of a 25 percent stake in real estate
unit Carrrefour Property.
The group said it would stick to its plans to spin off 100
percent of Spanish discount unit Dia, however.
Carrefour also said James McCann, executive director for
France, was leaving the company and that Chief Executive Lars
Olofsson would take over the operational management of Carrefour
France pending the appointment of a successor.
Carefour confirmed in the statement its target to grow sales
and current operating income in 2011.
Carrefour had come up with a plan to float all of its Dia
discount unit and part of its real estate division and deliver 4
billion euros ($5.59 billion) in special dividends in response
to dissatisfaction from key shareholders Colony Capital and
Groupe Arnault with its underperforming share price.
But thre had been mounting opposition to the plan ranging
from activist shareholder Knight Vinke, European shareholder
rights group Deminor, French minority shareholder association
APPAC to French labour unions and founding family shareholder
(Reporting by Dominique Vidalon; Editing by James Regan)