MIDDLE EAST: Carrefour in talks to enter Israel market with Victory deal | Progresiv
Carrefour SA, France’s largest retailer, is in talks to invest in Victory Supermarket Chain Ltd., seeking a slice of Israel’s almost 9 billion dollars retail market. Stocks in Victory jumped to a record after the Gan Yavne, Israel-based chain confirmed press reports it’s in talks with Carrefour about an investment. The possible deal comes as Victory is planning to submit a bid for Alon Blue Square Israel Ltd.’s debt-ridden Mega Supermarket Chain, the company said in a Tel Aviv bourse filing. 
Victory last year raised debt for the first time as the country’s fourth-largest listed retailer by sales seeks to fund expansion and acquire Mega outlets as Alon Blue restructures amid a fight to stay in business. Rami Levy Chain Stores Hashikma Marketing 2006 Ltd., the second-biggest retail network, said on Wednesday that it will submit a bid for the troubled chain.
The prospect of consolidation in the industry has stoked share prices. Shufersal Ltd., the biggest retail chain by sales, has risen 6.5% this year. Victory increased 5% in the same period, compared with a 3.3% decline in the TA-25 benchmark index.
Victory advanced 6.1% to 34.60 shekels, the highest on record, at the close in Tel Aviv as about 18 times the three-month daily average of shares traded. (www.esmmagazine.com)
