Sonae Distribuicao net gearing at 130 pct after Carrefour Portugal buy UPDATE |
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Published
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Mon, 30 Jul 2007 18:24
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(Updates with Carrefour Portugal net sales estimate)LISBON (Thomson Financial) - Sonae SGPS said that the net gearing of its retail unit Sonae Distribuicao will increase to about 130 pct from about 55 pct after the acquisition of the Portuguese operations of French retailer Carrefour, announced last week.Sonae said it will acquire Carrefour Portugal's 12 hypermarkets and nine gas stations for 662 mln eur.In a filing with stock market regulator CMVM, Sonae said its net debt to EBITDA ratio will increase to below four times from below two times. Interest cover will decrease to about five times from ten times.Sonae said that Carrefour's 12 Portuguese stores have annualised net sales of about 500 mln eur, while its nine petrol stations have an annualised sales estimate of about 150 mln litres.luis.morais@thomson.comlm/gp/lm/slmCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Sonae to finance BPI buy of Carrefour Portugal if own offer blocked/delayed 