Being inside PPR has certainly benefited CFAO.

作为PPR的一部分，CFAO显然获益良多。

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For big manufacturers such as Toyota, IBM, Heineken and Peugeot, CFAO provides access to markets which are too small or risky to justify a local operation.

对一些大型生产商，如丰田，IBM，喜力或标致来说，CFAO还可以将它们的产品引入当地市场。这些市场往往过于狭小或风险太高，而难于运作业务。

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Next week the group will conclude the sale of over half of the shares of CFAO, a trading house founded in France's colonial era, on the Euronext stock market.

下周，该集团就将在欧洲证券交易所出售CFAO超过半数的股份。CFAO是法国在殖民时代建立的交易所。

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For big manufacturers such as Toyota, IBM, Heineken and Peugeot, CFAO provides access to markets which are too small or risky to justify a local operation.

ECONOMIST: PPR spins off CFAO

Eventually CFAO may be disintermediated as markets develop and big firms begin selling directly, but that will probably take generations, says a banker involved in the listing.

ECONOMIST: PPR spins off CFAO

CFAO's recent return on assets, of over 20% a year, he points out, far exceeds that of the Gucci Group, at around 7%, mainly because PPR paid so much for the latter.

ECONOMIST: PPR spins off CFAO