Overview

• The four finalists — Grupo De Narváez/ChangoMás with new partner L Catterton, Cencosud, Coto and Klaff Realty — are preparing binding offers under the bank-run process.
• Management meetings with Carrefour Argentina are in progress, with recent sessions held with GDN and Coto and upcoming meetings expected with Cencosud and Klaff.
• Cencosud could vault to market leadership if it prevails, though the CNDC would likely scrutinize the deal and Moody’s flags greater Argentina exposure as credit negative.
• Carrefour’s local operation spans roughly 700 stores and more than 17,000 employees across about 110 municipalities, with the French parent targeting a handover in early 2026.
• People close to the process say Argentina’s elections could push deadlines back by one to two weeks, though the sale remains on a tight schedule.