Uncertainty hangs over the strategic direction of Carrefour, after changes to its shareholder structure paved the way for activist investors to tighten their grip on the world’s second largest retailer.

Last week, the Halley family, which controls about 13 per cent of Carrefour, revealed it would end a shareholder pact between their holding companies, giving up two of its three seats on the board and ending double voting rights.

The revelation came as Carrefour posted a 0.7 per cent rise in full-year profits to 1.87 billion (£1.42 billion). Total sales rose 6.8 per cent to 82.15 billion (£62.53 billion) last year, although sales in its home market of France only increased 1.1 per cent.

The Halley family’s decision paves the way for Blue Capital – the investment vehicle of LVMH boss Bernard Arnault and private equity firm Colony Capital, which together own 9.1 per cent – to exert greater influence and potentially increase its stake after June 30.

However, City analysts played down the prospect of Blue Capital bringing about a step change in Carrefour’s property and international expansion strategy.

Bernstein analyst Niamh McSherry said that Carrefour’s management board seems to have acted upon the views of Blue Capital regarding a potential flotation of some of its property portfolio.

A bigger risk for Carrefour is that individual members of the Halley family may sell their stake in the retailer, potentially creating a stock overhang – an oversupply of shares on the market.