21 Jan, 2008, 1329 hrs IST, REUTERS

PARIS: Carrefour, the world’s second-largest retailer, said it has agreed to buy a 75 per cent stake in Indonesian group Alfa Retailindo for 674 billion Indonesian rupiahs ($71.47 million). The takeover comes as Carrefour continues its strategy to expand in fast-growing emerging markets, as it tackles competition and price pressure its main French market.

Alfa Retailindo is one of the leading retailers in Indonesia, where it operates 29 stores across the country.

“This acquisition forms part of Carrefour’s strategy to reinforce its presence in key growth markets through a locally adapted multiformat approach,” France-based Carrefour said.

Carrefour shares closed at 48.71 euros on Friday. The stock has fallen by around 9 per cent since the start of 2008, having risen 16 per cent in 2007.