经济学人下载:家乐福,摇摇欲坠

Carrefour

Off its trolley

Europe’s biggest retailer looks even shakier as its Brazilian deal falls apart

Jul 14th 2011 | PARIS | from the print edition 

Europe’s biggest retailer looks even shakier as its Brazilian deal falls apart
当巴西交易落空时，欧洲的连锁巨人显得更加不堪一击

SHAREHOLDERS of Carrefour, a French retailer, must feel as bewildered as shoppers lost in one of its giant stores. In the past two years the company has suggested several new strategies to lift its sagging share price, such as selling emerging-market businesses or spinning off its property, only to abandon them. Profit warnings have come thick and fast.
法国零售商家乐福的股东们，目前必定和那些在他们的大型超市中迷失方向的顾客一样感到迷茫。在过去的两年中，家乐福尝试过多种新策略，试图提升不断下滑的股票价格，例如出售新兴市场业务或剥离部分资产，以求摆脱多余的业务。不过公司的盈利警告依然来得严重而迅速。

The latest surprise was a plan to merge Carrefour’s Brazilian business with Companhia Brasileira de Distribuição (CBD), a local competitor. This week the deal evaporated after a furious protest from Casino, a rival French retailer which already holds a stake in CBD.
最近的令人震惊消息是家乐福计划将公司位于巴西的业务与当地的一个竞争者巴西百货（Companhia Brasileira de Distribuição (CBD)）进行合并。由于巴西百货股份的持有者，家乐福的法国竞争者Casino的强烈反对，该笔交易于本周宣告失败。

More surprises may be in store. Carrefour has two powerful shareholders: Bernard Arnault, the boss of LVMH, a luxury-goods group, and Colony Capital, a property-investment firm. The two jointly own 14% of Carrefour’s shares and 20% of its voting rights, mostly through a vehicle called Blue Capital. They are desperate to rescue their investment, made in 2007 when Carrefour’s share price was more than twice as high as it is today.
更多令人震惊的消息来自于公司内部。家乐福有两大股东：奢侈品集团LVMH的老板伯纳德．阿尔诺（Bernard Arnault）和房地产投资公司柯罗尼资产集团（Colony Capital）。二者共持有家乐福14%的股份，并控制该公司14%的投票权，这两大股东主要通过蓝色资本（Blue Capital）操持对家乐福的股权。目前他们迫切希望挽回2007年做出的投资，当年家乐福的股票价格是现在的两倍多。

Blue Capital’s original plan, drawing on Colony’s expertise, was to make a one-off profit by having Carrefour sell all or part of its property portfolio. The retailer would then wrap up the cash in plastic bags and hand it to shareholders with a smile.
根据柯罗尼资产集团的专业意见，蓝色资本原本计划让家乐福出售全部或部分的资产组合，以实现一次性的利润。他们期望家乐福言听计从地将所得利润乖乖地交给各个股东。