Carrefour maintains plan for property unit's IPO

Paris

CARREFOUR SA, France's largest retailer, said it's still waiting for the right moment for an initial public offering (IPO) of its shopping mall property unit as it reported higher full-year profit.

The division, called Carmila, still plans an IPO, chief financial officer Pierre-Jean Sivignon said on a call to reporters, though he declined to be drawn on whether that means this year. The property company might be worth 4.5 billion euros (S$6.8 billion), according to Sanford C Bernstein analyst Bruno Monteyne.