# Exit from Taiwan lifts shares of French company Carrefour
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-07-20
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Carrefour to Sell Taiwan Stake and Buy Back Shares After 3%
Meta Description: Carrefour's decision to sell its 60% stake in Taiwan business boosts share price by 3%, sparking investor interest in potential buyback. Transaction expected to be completed by mid-2023.
URL: https://financedigest.com/exit-from-taiwan-lifts-shares-of-french-company-carrefourhtml

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PARIS (Reuters) – Shares in French food retailer Carrefour rose 3% on Wednesday after it agreed to sell its remaining 60% stake in its Taiwan business, sparking hopes among some investors it could use the extra firepower to buy back shares.

By 0702 GMT, Carrefour shares were up 3.01% at 17.48 euros.

The transaction, which values Carrefour Taiwan at an enterprise value of 2.0 billion euros, is set to be completed by mid-2023, the French company said in a statement.

This is at a better [price than originally](https://www.financedigest.com/vhs-tapes-selling-for-46000-higher-than-original-price.html "VHS tapes selling for 46,000% higher than original price") speculated (which was 1.6 billion euros back in August 2021) given an estimated enterprise value of 2 billion (for 100% of the business),” wrote brokerage Jefferies.

A mid-2023 completion should provide the firepower for another, sizeable [share buyback](https://www.financedigest.com/abb-to-launch-1-billion-share-buyback-on-april-3.html "ABB to launch  billion share buyback on April 3"). We [estimate an earnings](https://www.financedigest.com/kraft-heinz-plans-more-price-hikes-as-sales-earnings-beat-estimates.html "Kraft Heinz plans more price hikes as sales, earnings beat estimates") accretion in the mid single digit region,” they added.

(Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)


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