The Competition Authority will have to rule on a request filed by Eyal Ravid, the controlling shareholder in Victory Supermarket Chain (TASE: VCTR) and its CEO, which could reshape the retail food market in Israel. Ravid wants to purchase 30% of the shares of Global Retail, the operator of the Carrefour supermarket chain in Israel, in the latter’s flotation scheduled for this month on the Tel Aviv Stock Exchange. Electra Consumer Products (TASE: ECP), controlled by brothers Daniel and Michael Salkind, is set to sell at least 25% of its 49.9% stake in France Israel Group, which holds Global Retail. Among other prominent shareholders are Nahum Bitan (22%), French businessman Simon Pinto (15.1%), and Phoenix Financial (13%).
Initially, Victory intends to acquire a stake that will grant it a controlling interest in the company. It is already engaged in discussions with institutional investors on joining a future merger between Victory and Carrefour. In the second phase, in collaboration with institutional investors, Victory plans to merge Carrefour into its own operations. This would entail the French chain ceasing its activities in Israel, with Victory branches established in its place. If it goes ahead, this move will bring Victory’s total number of branches to 210, representing a significant increase from its current 67 locations.
This move would make the merged entity one of the largest players in the food retail market. Currently, the largest chain is Shufersal (TASE: SAE), with revenue of NIS 14.5 billion in 2025. Other major players are Rami Levy (TASE: RMLI) (NIS 6.7 billion revenue in 2025), Osher Ad (estimated at NIS 5.5 billion, as it is a privately-held company), and Yochananof (TASE: YHNF) (NIS 5.2 billion), while Carrefour’s revenue was NIS 3.2 billion. In 2025, Victory recorded annual revenue of NIS 2.6 billion.
Approval won’t come easily
Because of the concentration in food retailing in Israel, a request for approval for a merger between two supermarket chains is highly unusual. The Competition Authority is unlikely to grant approval easily. This is classified as a merger request, as the legal definition of a merger covers transactions involving a 25% stake or greater, or the acquisition of substantive control.
There are two possible outcomes: approval of the request subject to certain conditions, or outright rejection. "Globes" has learned that the Authority has already requested information about the chain, including details on its customer loyalty program and geographic footprint, in order to evaluate the application.
The Authority is expected to examine whether the merger would harm competition in specific areas; essentially, whether Victory and Carrefour have branches in the same vicinity. The proximity of these branches and their respective target markets will be assessed. The potential impact on competition at a national level is also being reviewed. One option under consideration is to require Victory to sell off branches in areas where Carrefour also operates. It is estimated that this could involve 10 to 16 of the chain’s current 67 locations. Ravid would be required to sell these stores to a different competitor, one that does not already have a presence in that specific area.
The disappearance of a food retail chain would be detrimental to competition. Reducing the number of players in an already concentrated market could ultimately harm consumers. On the other hand, the merger would transform Victory into a larger chain, potentially giving it more leverage to compete against the major retail chains.
Another potentially decisive factor is how long it will take the Competition Authority to reach a decision. The review is currently in its early stages; experience shows that complex mergers can take months to evaluate, whereas the planned IPO is expected to take place within the coming weeks.
Published by Globes, Israel business news - en.globes.co.il - on November 10, 2026.
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