* Sabanci exiting food retail joint ventures
* Dia confirms sold stake in DiaSA to Yildiz
* Sabanci makes progress on quitting CarrefourSA- sources
(Adds confirmation, background)
By Seda Sezer and Andrés González
ISTANBUL/MADRID, April 19 Spanish discount
retailer Dia said on Friday it would exit Turkey by
selling its stake in supermarket chain DiaSA to Turkish food
group Yildiz Holding, while local partner Sabanci Holding
also sold its stake.
The deal, first reported by Reuters earlier on Friday, is
worth 136.5 million euros ($178 million), Dia and Sabanci said
in separate statements. Yildiz and its subsidiary, retailer SOK
Marketler, will pay in cash, Dia said.
Dia had a 60 percent of DiaSA and Sabanci owned the rest.
Dia, which has flourished in its home market despite a
recession, said it wanted to concentrate on other markets.
"We want to strengthen the growth of our business in other
countries, especially in Iberia and Brazil," a Dia spokesman
Dia, for which Turkey represented 4 percent of its total
sales at the end of 2012, is also present in China.
Turkish conglomerate Sabanci is in the process of exiting
the food retail sector in the country. It has a joint venture
with Carrefour, which it is making progress on
quitting, sources close to the matter said.
"Sabanci is exiting from retail, except its consumer
technology unit TeknoSA," one of the sources said. "There might
be a consolidation in the sector," the source said. "There's too
much competition in the sector and it's not doing very well.
Profitability is very low."
Sabanci holds a 38.8 percent stake in CarrefourSA, while
French partner Carrefour holds 58.2 percent, the remaining 2.2
percent is publicly traded. Analysts have put an estimated value
of around 300 million euros on Carrefour's stake in CarrefourSA.
"We had a higher estimated value for DiaSA, but DiaSA
constitutes only 1 percent of Sabanci Holding, thus it won't
have any effect on the total valuation of Sabanci," Basak
Dinckoc, an analyst at Istanbul-based Is Yatirim said.
DiaSA has more than 1,200 stores in Turkey, whereas
CarrefourSA operates with 215 supermarkets and 28 hypermarkets.
Sabanci declined to comment on CarrefourSA.
Shares in Dia rose 2.3 percent while shares in Sabanci were
down 0.5 percent.
($1 = 0.7644 euros)
(Additional reporting by Asli Kandemir in Istanbul, Dominique
Vidalon in Paris, Sarah White in Madrid; Editing by Nick
Tattersall and Jane Merriman)