Families warn they won't renew Carrefour pact

Disgruntled Carrefour shareholders have warned they will not renew a pact that preserves the 20 per cent stake held by influential families, according to French press reports.

A representative of the Defforey family, who also claimed to be speaking for the Badin and Fournier families, said they would not renew a deal made in 1999 whereby any shares they want to sell are offered to the other families first. The pact, which expires on August 29, included the promise to act together on key decisions.

The biggest family shareholder remains the Halleys, who hold 11 per cent of shares and 19 per cent of votes.