According to one source, Carrefour is looking for a partner to enter Ukraine and is rumoured to be in negotiations to purchase the controlling stake in Karavan. The owners of the Ukrainian chain estimated its worth to be to €140-190 million, with revenues estimated at around €119 million in 2007. However, Denis Sluchinsky, CEO of Karavan, denies being in negotiations with the French retailer.

"We receive propositions about purchase of different parts of our business all the time", commented Sluchinsky. "We consider them and meet with representatives of companies who wish to negotiate with us. However, our company does not confirm negotiations about the sale of a majority stake of Karavan to Carrefour."

Managers from Carrefour, the second largest chain after Wal-Mart in the world, visited Ukraine for the first time for more than a year ago and surveyed the market. One of the capital investment bankers specified that the retailer was also interested in the purchase of Furshet chain. (The French Auchan chain purchased 20% of Furshet shares in March 2007). The Karavan hypermarket chain owns four stores located in Kyiv, Kharkov and Chernovtsi.

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