Modelo in no rush

Portuguese retailer Modelo Continente is in no rush to find a buyer for Carrefour's substantial stake in its business, despite rumours a sale is imminent. Carrefour inherited a 22% stake in Modelo Continente when it acquired fellow French giant Promodès and found itself in the awkward position of being both stakeholder and direct competitor to Modelo Continente in both its key markets ­ Portugal and Brazil. At the Schroder Salomon Smith Barney conference in London, CFO Sergio Maia said the conflict of interest had not so far proved a "major issue" for the two companies. However, he stressed Modelo Continente was keen to find a strategic partner to buy the stake, enabling it to realise its expansion plans. Modelo Continente is one of the most profitable retailers in Europe, with operating margins of well over 9% in Portugal and almost 8% in Brazil, said Maia. {{NEWS }}