Cyprus Mail
Business

Greece’s Sklavenitis to buy Marinopoulos, Carrefour Cyprus owner, for €125m

Greece’s retail group Marinopoulos S.A., owner of Cyprus’s retail chain Carrefour, is awaiting the approval of a rescue plan by the board of directors of two banks which includes its takeover by the Greek retail group Sklavenitis, the Greek website insider.gr reported on Thursday without citing its source.

Marinopoulos’s rescue plan, made necessary after the company applied for protection from its creditors two months ago, provides for the extension of a €360m loan at an interest rate of 1.5 per cent by a group of banks that includes the National Bank of Greece, Piraeus Bank, Eurobank and Alpha Bank, insider.gr reported. The banks have an option to buy a 25 per cent stake in the company. Sklavenitis will pay €125m for the acquisition.

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