Oddo BHF maintains its 'neutral' rating on Carrefour shares, with an unchanged target price of 16 euros, after the company announced last night that it had completed the acquisition of 60 Cora hypermarkets and 115 Match supermarkets from the Louis Delhaize group.

The stores acquired are highly complementary to Carrefour's geographically, with particularly high market shares in the Grand Est and Nord regions of France", emphasizes Oddo BHF.

Cora hypermarkets will come under the Carrefour banner before the end of 2024, while the Match banner will be retained.

The integration of Cora and Match stores offers potential synergies of €130m in EBITDA, versus €110m initially on a 3-year annual basis (by 2027)", reports the broker, who maintains a cautious stance on the stock, still believing that "management's objective of seeing the ROI (EBIT) margin increase in France is difficult to achieve".

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