* CT Corp paying $673 mln for 60 pct stake
* Latest move by Carrefour to cut Asia footprint
* CT Corp secures $750 mln loan to buy the stake
* Carrefour shares climb 1.5 pct in early trade
By Christian Plumb and Fathiya Dahrul
PARIS/JAKARTA, Nov 20 Carrefour is
selling its 60 percent stake in its Indonesian supermarket
operations to local partner CT Corp for $673 million, the latest
move by the European retailer to retreat from secondary markets.
The world's No. 2 retailer after Wal-Mart Corp has
been reducing its presence elsewhere in Asia, part of a plan to
cut debt and refocus on core operations. It sold its Malaysian
operations last month to Aeon, Japan's No. 1
supermarket operator, and has said it would close its two stores
CT Corp, a conglomerate with banking and media interests,
told Reuters in July it was in talks to acquire the rest of the
supermarket chain, in which it was already a 40 percent
Under the deal announced on Tuesday, CT Corp will retain
exclusive rights to use the Carrefour brand in Indonesia under a
license agreement with the French company.
The Indonesian group, which also has retail investments in
Thailand, said it has secured a $750 million, three-year bridge
loan from 10 banks, including Credit Suisse and
JPMorgan, to finance the deal.
Carrefour shares were up 1.5 percent in early Paris trade on
Tuesday after the announcement of the deal.
Carrefour Indonesia has about 85 stores across the
archipelago, but has faced stiff competition from local mini
Chairul Tanjung, founder and chairman of CT Corp, told a
news conference in Jakarta the unit needs to significantly
improve its sales and profits and could then target an IPO.
(Writing by Janeman Latul; Editing by Muralikumar Anantharaman)