Colruyt negotiating sale of Codifrance to Carrefour, reports La Lettre

Colruyt is negotiating the sale of its French distribution subsidiary Codifrance to retail giant Carrefour, according to reports published by La Lettre. The potential transaction involves an estimated price of 155 million euros alongside a parallel transfer of 18 Carrefour Market stores in Belgium.

Colruyt Enters Exclusive Negotiations for Potential Deal

Colruyt remains cautious regarding the discussions. The company stated that the opening of exclusive negotiations does not prejudge the conclusion of an agreement or the effective completion of a transaction.

The French media outlet estimates the deal value at approximately 155 million euros. When contacted regarding the reported parallel transfer of 18 Carrefour Market locations in Belgium, Carrefour denied the information.

Codifrance Operates 800 Stores Across France

Codifrance supplies more than 800 affiliated stores operating under banners including Panier Sympa, Épi Service, and VivÉco, alongside licensing agreements for Coccinelle and CocciMarket. The company also distributes products to nearly 2,200 independent merchants, covering approximately three-quarters of French territory.

The business employs around 380 people, operates distribution centers in Châteauneuf-sur-Loire and Carpiquet, and runs a hub in Chanteloup. During its most recent fiscal year, Codifrance generated approximately 310 million euros in turnover with a net result of 10 million euros. Parent company Colruyt had previously expanded this distribution wing through the acquisition of Degrenne Distribution in 2023.

Broader Market Pressures in France and Belgium

Belgium's retail market has faced intense competition and strategic shifts. Carrefour previously explored various options for its Belgian subsidiary between 2025 and 2026 before closing the file. Meanwhile, the expansion of Intermarché across Belgium over the past year has reshaped local market dynamics.

In France, Francap Distribution head Olivier Ségurel is reportedly attempting to enter the discussions to acquire a portion of the stores linked to Codifrance, according to La Lettre. These overlapping maneuvers set off a cross-border retail reshuffle involving multiple major industry players.

Financial Terms and Competing Bids Remain Unverified

Neither Colruyt nor Carrefour has confirmed the financial terms or the reported Belgian store transfers publicly beyond initial corporate statements and media denials. It remains unverified whether competing bids from Francap Distribution will alter the trajectory of the exclusive talks between Colruyt and Carrefour.