Billionaire Saadé Buys Carrefour Stake as Peninsula Exits

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(Bloomberg) — France’s billionaire Saadé family, who made their money in shipping and logistics, is a new anchor shareholder in supermarket chain Carrefour SA.

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The Saadé family bought about 4% of Carrefour’s share capital, the company said Wednesday, with Rodolphe Saadé joining the board. While financial terms weren’t disclosed, a 4% stake would be valued at about €390 million ($452 million).

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The transaction followed the exit of Peninsula, the investment vehicle of the late Brazilian businessman Abilio Diniz, who revolutionized shopping in Brazil with combined supermarkets and department stores that offered a vast range of goods.

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Shares of Carrefour rose as much as 2.1% in Paris Thursday. The stock had fallen 10% in the 12 months through Wednesday’s close.

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The Saadé family’s net worth of about $34 billion, according to the Bloomberg Billionaires Index, mostly comes from its shipping and logistics business CMA CGM SA, the world’s third-largest container line, which is controlled by the clan.

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The investment in Carrefour represents the latest move by the family to diversify its holdings, a process which has led to investments in recent years in French firms including airline Air France-KLM, media group BFM, satellite firm Eutelsat and movie theater operator Pathé. Carrefour is a major client of CMA CGM, like other global retailers including Walmart Inc.

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Following the deal, the Saadé family has emerged as the second-largest shareholder of Carrefour after the Moulin Houzé family, which owns the Galeries Lafayette department store chain. The retailing family held a stake of about 11% in Carrefour’s share capital at the end of last year, according to the latest annual report.

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The Carrefour stake will mostly be held by the Saadé’s family office, Merit France, through special purpose vehicle Carrix, also co-owned by CMA CGM, the statement added.

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There appear to be no synergies between the Saadé family interests and Carrefour at first glance, according to Geoffroy Michalet, an analyst at Oddo BHF, who noted the family is best known for “its entry into Air France-KLM in spring 2022, as well as M6 and Eutelsat.”

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Diniz Exit 

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The exit of the Diniz-backed vehicle Peninsula also brings to an end the Brazilian family’s more than decade-long involvement in Carrefour, which has been struggling in a highly competitive grocery market in France.

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“After a decade of strong partnership, Peninsula’s decision to divest its stake in Carrefour is part of the fund’s new asset allocation strategy,” Peninsula’s Chairman Eduardo Rossi said in the statement.

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Peninsula owned a 9.2% stake in Carrefour at the end of 2024. Peninsula’s exit means the board seats held by Rossi and Flavia Buarque de Almeida will be freed up.

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Brazil and France account for the lion’s share of Carrefour’s profit but both markets are struggling. The grocer reported weak third-quarter sales last month, hurt by price cuts in France and high interest rates hitting consumer demand in Brazil.