INTERNATIONAL NEWS: Euro Wal-Mart rival taps FD for merger

PARIS: French retail giants Carrefour and Promodes, which last week announced they were merging to create the world’s second-largest retail chain, have selected Financial Dynamics to handle their international financial PR.

PARIS: French retail giants Carrefour and Promodes, which last week announced they were merging to create the world’s second-largest retail chain, have selected Financial Dynamics to handle their international financial PR.

PARIS: French retail giants Carrefour and Promodes, which last week

announced they were merging to create the world’s second-largest retail

chain, have selected Financial Dynamics to handle their international

financial PR.



Financial Dynamics’ team will work alongside the group’s French

financial PR agency, DGM. While the newly merged company declined to

discuss its marketing or PR budgets, the retail giant is expected to

spend freely to announce its presence.



The friendly dollars 48 billion merger of Carrefour and Promodes comes

within weeks of Wal-Mart’s takeover of British supermarket Asda, and hot

on the heels of rumors that Asda is planning to move into the French

market.



The deal is expected to trigger a spate of mergers in the fragmented

European retailing sector.



Financial Dynamics has been charged with promoting the merger among the

media, analysts and investors in Europe, the US, Asia and Latin

America.



International managing director Hugh Morrison will lead the account,

reporting to Daniel Bernard, chairman of the combined group. Bernard was

previously chairman of Carrefour, the larger of the two companies.



Carrefour and Promodes’ merger creates a group with expected worldwide

sales of dollars 57 billion spanning Asia, Latin America and continental

Europe.



The company will be dwarfed only by Wal-Mart in the world retailing

stakes, boasting nearly 9,000 outlets - including 680 ’hypermarkets,’ a

concept which Carrefour claims to have invented - among its

holdings.



Carrefour operates chiefly though its own brand chain, while Promodes is

an umbrella for several prominent French retail brands, including

Continent, Champion and Shopi chains. Approximately 260,000 employees

are on the company’s worldwide payroll.



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