Victory seeks Competition Authority approval to acquire 30% of Carrefour

Victory supermarket chain has applied to the Israel Competition Authority for permission to acquire 30% of Carrefour as part of the latter's upcoming IPO. The Movement for Quality Government opposed the move, citing concerns over reduced competition in the food retail sector.

Victory supermarket chain, controlled by Eyal Ravid, has applied to the Israel Competition Authority for permission to acquire approximately 30% of Carrefour's shares as part of Carrefour's planned IPO. The Movement for Quality Government filed an objection with the Competition Authority, warning of harm to competition in the food retail sector. The application noted that the six largest food retailers in Israel hold 62% of the market, and that Victory and Carrefour together hold over 9%. The movement argued that creating ties between the chains could lead to price increases. Carrefour Israel, controlled by Electra Consumer Products of the Zalkind brothers, plans to issue shares worth 200-250 million shekels at a company valuation of about 800 million shekels. The IPO stems in part from the Concentration Law, which requires Electra Consumer to divest its control of Carrefour.