Queue forms for Turkish supermarket

Carrefour, the French supermarket chain, is battling German retailer Aldi and US private equity firms to buy a majority stake in Migros Turk, a Turkish discount retailer valued at €2.4bn (US$3.55bn).

Kohlberg Kravis Roberts and Bain Capital lead interest from the US. Last year, KKR acquired UK retailer Alliance Boots after beating off competition from, amongst others, Bain Capital.

According to reports, a €2.4bn play for Migros Turk would be Turkey’s largest leveraged buyout to date. The 51% stake is being sold by current owner Koc Holding.

First round bids for the JPMorgan Chase-run auction are due January 9.