Private equity firm Colony Capital has exited the capital of Carrefour (CARR.PA), some ten years after first investing in Europe’s largest retailer.
French stock market watchdog AMF said in a regulatory filing on Tuesday that Colony Capital, which previously held just over 5 percent of Carrefour’s shares, had told AMF it no longer held shares in the company.
The move comes as Colony, who has said its average investment in France was a decade long, sold its entire 11.2 percent stake in French voucher and prepaid card holder Edenred (EDEN.PA) last week.
Edenred was listed in 2010 after being split from parent company AccorHotels (ACCP.PA), in which Colony has been invested since 2005.
Carrefour has started searching for a successor to its chairman and chief executive Georges Plassat, whose mandate at the helm of Carrefour expires in May 2018.
The Moulin family, owner of French department store Galeries Lafayette, is Carrefour’s top shareholder with an 11.51 percent stake, followed by Groupe Arnault, with an 8.74 percent stake.
The family of Brazilian retail tycoon Abilio Diniz, has an 8.05 percent stake in Carrefour.
Groupe Arnault and Colony first invested in Carrefour in 2007 through an alliance known as Blue Capital, for over 40 euros per share. Carrefour shares closed up 0.04 percent at 23.59 euros on Tuesday.
In 2013, Groupe Arnault and Colony decided to abandon the joint structure and split their stake in Carrefour between them while continuing to carry out a concert and a common policy toward Carrefour.