Carrefour is teaming up with investors to buy 127 shopping malls in which it runs stores, in a $2.8 billion deal that marks the French retailer’s latest attempt to revive its struggling European hypermarkets. CEO Georges Plassat has had some success with a drive to revamp stores, improve price competitiveness and cut costs. He said on Monday the rental income from the newly created property firm would help to fund further improvements. Under the deal, Carrefour and a number of unidentified institutional investors will buy the shopping malls in France, Spain and Italy from real estate group Klepierre for 2 billion euros ($2.8 billion).
Li Ka-shing’s utility trust seeks $5.7 bn in Jan IPO
Li Ka-shing’s Power Assets Holdings expects to list its Hong Kong electricity business next month, providing the group with a cash injection of up to $5.7 billion for overseas takeovers. Power Assets will spin off the business into HK Electric Investments, a single-investment trust, with the listing slated for January 29, the company said in a securities filing late on Sunday. As part of the spin-off, Power Assets expects to receive at least HK$55.7 billion ($7.2 billion) by disposing Hongkong Electric Company into the trust. The deal "will enable the Company to continue to pursue new acquisitions in the global power industry, while maintaining a strong financial profile," Power Assets said in the filing.
Vodafone hit with 250 m euro lawsuit in Greece
Vodafone has been served with a 250 million euro ($343.26 million) lawsuit for allegedly breaching its contracts and causing harm to a Greek retail partner, the Financial Times reported late on Sunday. The FT, citing claims it had seen, said that Vodafone Greece last week received details of the civil lawsuit from MTS, a local telecoms retailer that sold Vodafone contracts and services in the country. MTS, in which the British telecoms group owns a 40% stake, claimed that Vodafone restricted its ability to operate through the cancellation of a loan restructuring and the termination of a co-operation agreement involving maintenance services and loan contracts, the Financial Times said.
Amazon’s workers in Germany to go on strike
Workers at Amazon.com's German operations were set to go on strike on Monday, in the middle of the crucial Christmas holiday season, in a dispute over pay that has been raging for months. The Verdi union said workers would strike in Amazon's logistic centres in Bad Hersfeld and Leipzig and, for