Clifford Chance has advised Carrefour in the sale of its shareholding in Cora to Deutsche Bank for f850m (£525.61m), subject to approval by the European Commission. The French retailer holds a 42 per cent shareholding in Cora, but needs to sell in order to gain the commission's consent for phase one of the Carrefour/Promodès merger. Carrefour will be able to realise a gross pre-tax profit capital value of around g465m (£287.54m) and reduce its debt level by around 8 per cent. Paris partners Yves Wehrli and Frederic Peltier led the team for Clifford Chance. The firm has also worked on the competition side of the merger with Promodès. Deutsche Bank was advised by Bredin Prat & Associés with Sébastien Prat leading the team.