Investor advisory group Deminor has joined the opponents of French hypermarket chain Carrefour's plans to spin off its Dia discount stores and 25% of its Carrefour Property units. The minority shareholder said the spin-off of some of Carrefour's key assets would dismantle the French retailer.

Carrefour announced the restructuring in early February this year after failing to live up to investors' expectations. The move, which could bring up to EUR 4 bn in special dividends to the group's investors, is being pressed by the holding of Groupe Arnault of France and Colony Capital of the US, which have a combined 14% stake.

Deminor told news agency Reuters that the operation is a 'desperate manoeuvring' to make up at any cost for losses incurred on their investment. Herve Defforey, one of the founding-family shareholders in Carrefour, also recently said he would vote against the operation.

Carrefour shareholders are due to vote on 21 June on the plan.