The businessman historically linked to Kirchnerism seeks to expand his dominance in the sector
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In the coming weeks, Deutsche Bank will submit an initial proposal to Carrefour's special mergers and acquisitions team in Paris to define the future of the French multinational's Argentine subsidiary.
The transaction, valued at around 1 billion dollars, has become a contest between two major players in the national retail sector: the Kirchnerist businessman Alfredo Coto and Francisco De Narváez.
For Coto, owner of the Coto CICSA chain and known for his historical closeness to Kirchnerism, this transaction represents a strategic opportunity to expand his dominance in the sector. With a history of state benefits and bailouts during the K period, Coto has experience in decisive negotiations to obtain advantages.
Alfredo Coto y Cristina Kirchner.
In this process, the Kirchnerist businessman assembled a team led by his son Germán and hired the firm S+R of Fernando Cinalli, with advice from Isela Costantini. His interest is focused on Carrefour's 690 branches in 22 provinces and 100 municipalities, strategic assets to consolidate his leadership in the national retail sector.
Meanwhile, Francisco De Narváez, who acquired Walmart Argentina in 2020 and transformed it into ChangoMás, is confident about acquiring Carrefour. According to sources close to him, his proposal is based on an ambitious plan to expand formats, which would allow him to increase his bargaining power with suppliers and scale his territorial presence. In the market, it is said that De Narváez is seeking multi-million dollar loans to close the deal, which gives him some momentum against the competition.
Carrefour.
Along the way, other interested parties, such as the Inverlat fund and regional chains like La Anónima, withdrew due to the complexity of the business and the magnitude of the transaction. Carrefour has a robust structure, with 17,000 employees, a financial services bank, and strategic properties linked to its Maxi and hypermarket formats, assets that add appeal but also complexity to the negotiation.
The dispute between Coto and De Narváez reflects not only a change of hands in Argentine retail, but also the tension for power in a key sector for Argentina's mass consumption. The outcome of this transaction will have a significant impact on the structure of the local supermarket market.
