ECONOMY

Watchdog approves Marinopoulos taking over Carrefour stake in Greece

The Competition Commission has approved a bid by Greek supermarket chain Marinopoulos to take over Carrefour?s operations in Greece after the French firm decided to leave the country.

Supermarket retailer Carrefour said in June that it would sell its stake in its Greek joint venture to partner Marinopoulos, taking a 220 million euro non-cash charge.

Carrefour said the sale would allow the joint venture, which also operates in Cyprus, ?to meet the challenges of Greece’s prevailing economic environment.?

In addition to Greece, where Carrefour’s first-quarter sales plunged 16 percent, Europe’s biggest retailer is exposed to the troubled markets of Spain and Italy.

The Competition Commission approved the deal after deciding that it would only lead to a change in the management of the supermarket chain rather than the market structure.