Victory CEO Eyal Ravid Aims to Acquire Carrefour Israel
Translated & summarized from TheMarker by baba
Eyal Ravid, CEO of the Victory supermarket chain, is attempting to acquire Carrefour Israel in a phased takeover. Victory plans to initially buy a 30% stake and later merge Carrefour with institutional partners. The strategy involves selling branches, improving supplier relations, and cutting costs to achieve a multi-billion shekel valuation.
The story in 5 lines · by baba
- Victory CEO Eyal Ravid is attempting a phased takeover of Carrefour Israel.
- Victory aims to acquire a 30% stake in Carrefour initially.
- The plan includes merging Carrefour with institutional partners later.
- Ravid plans to sell branches, improve supplier terms, and cut costs.
- Victory has 93 million shekels in liquidity and institutional backing.
Eyal Ravid, CEO and controlling shareholder of the Victory supermarket chain, is attempting to take over Carrefour Israel (Global Retail). The initial phase of the plan involves Victory acquiring a significant stake of approximately 30% in Carrefour. Subsequently, Victory, in partnership with institutional investors, aims to purchase the remaining shares and merge Carrefour into its operations.
This move comes amid ongoing issues within the retail sector, weak stock performance, and previous failed negotiations. Ravid is reportedly leveraging Carrefour's upcoming stock offering to facilitate a phased takeover. Victory currently has 93 million shekels in liquidity and institutional backing. Ravid's strategy for the potential merger includes selling off branches, improving terms with suppliers, and reducing expenses, with the goal of creating a multi-billion shekel entity.