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CT Corp. gains full control of Carrefour Indonesia

CT Corp. has officially purchased a 60 percent stake in Carrefour Indonesia, thus giving it full control over the country’s third largest retailer.

"The name will be temporarily changed to Trans Carrefour," Chairul Tanjung, owner of CT Corp., said in a press conference in Jakarta on Tuesday, as quoted by Detik.com. "For the next five years, we will still use the brand Carrefour. After that, if we still want to use the name Carrefour, we must pay royalties."

CT Corp. signed the purchase agreement on Monday, through its subsidiary company Trans Retail, for EUR525 million (USD671m). Previously, Trans Retail bought a 40 percent stake in Carrefour worth USD350m in April 2010.
 

(Source: Jakarta Globe )