Carrefour abandons Migros Turk bid

TURKEY: Carrefour has pulled out of the auction for Turkey's leading supermarket chain Migros Turk. The French retailer said it considered the $4bn price tag for the company to be too high, although concerns over competition are also thought to have played a part in the decision. Carrefour is already the number two operator in Turkey and would have needed to sell some stores to gain approval for the deal. Three private equity bidders and Agrokor of Croatia are still in race for the 51% stake in Migros Turk.