XM does not provide services to residents of the United States of America.

Carrefour seeks to ease Brazil tensions after CEO's meat snub



<html xmlns="http://www.w3.org/1999/xhtml"><head><title>UPDATE 2-Carrefour seeks to ease Brazil tensions after CEO's meat snub</title></head><body>

Carrefour rows back after CEO criticises Mercosur meat

Carrefour has huge business in top meat producer Brazil

Beef suppliers cut deliveries to Carrefour Brasil

Carrefour Brasil flags shortage of meat cuts in stores

Updates paragraph 1, adds Atacadao statement in paragraphs 2 and 9, Brazil agriculture ministry in paragraph 6, adds details

By Dominique Vidalon

PARIS, Nov 26 (Reuters) -Carrefour CARR.PA apologised on Tuesday after its CEO Alexandre Bompard's criticism of South American meat last week angered Brazilian industry and caused suppliers to cut beef deliveries to the food retailer's Brazil subsidiary.

Atacadao CRFB3.SA, the Brazil retail chain majority-owned by Carrefour, said beef deliveries to Grupo Carrefour Brasil stores "have not occurred as scheduled" since last Thursday, causing shortages of selected cuts in stores.

Carrefour was forced to row back after Bompard said last week that the trade deal being discussed between the European Union and the Mercosur regional trade bloc presented the "risk of meat production spilling over into the French market (and) failing to meet its requirements and standards".

His remarks in a letter to leaders of France's farm lobbies, posted on social media, were blasted by Brazilian agribusiness groups as "protectionist".

In its statement on Tuesday, Carrefour said it regretted that its pledge to keep South American meat off its shelves in France was "perceived as a questioning of our partnership with Brazilian agriculture or as criticism of it".

"We never set French agriculture against Brazilian agriculture, as our two beloved countries share a deep love for the land, its cultivation and quality food," Carrefour added.

Brazil's agriculture ministry also said it had received a letter from Bompard apologising for his remarks about the country's meat.

Carrefour said it sources meat sold in France almost exclusively from France and meat sold in Brazil exclusively from Brazil, adding it would continue to do so.

Bompard's remarks came amid protests by French farmers against a potential European Union free trade agreement with the bloc formed by Brazil, Argentina, Uruguay and Paraguay.

Grupo Carrefour Brasil is working "intensively" with suppliers and expects beef supply return to normal "in the short term", Atacadao said in a statement, adding that there has been no significant impact on sales to date.



Reporting by Dominique Vidalon, Additional reporting and writing by Gabriel Araujo and Helen Reid, Editing by Benoit Van Overstraeten, Mark Potter and Louise Heavens

</body></html>

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.