* Carrefour mulls asset listings, keep control of property
* Level of future holdings still to be defined
* Shares rise 5.3 percent
(Recasts with Carrefour statement, updates share price)
By Matthias Blamont
PARIS, Jan 31 (Reuters) - French group Carrefour said it was considering listing some assets, raising hopes valuations could be boosted and lifting shares in the world's second-largest retailer to a nine-week closing high on Monday.
French newspaper Le Figaro had reported Carrefour was looking to sell stakes in discount unit Dia, which analysts estimate could reach 3.5-4.0 billion euros ($4.8-$5.4 billion), as well as in real-estate arm Carrefour Property.
"As part of its strategy to maximise its performance and the valuation of its assets, Carrefour confirms that it is studying different projects that could lead to the listing of certain of these assets," Carrefour said.
Carrefour shares closed up 5.3 percent at 35.78 euros.
The group said nothing had been decided but that it planned to retain control of its Carrefour Property real-estate arm.
Speculation had been mounting in recent weeks that Europe's biggest retailer might look to sell or spin off assets in an attempt to revive its share price after two profit warnings last year and placate major shareholders.
Colony Capital and Groupe Arnault, which hold 13.5 percent of Carrefour, are still down on their 2007 investment, which was made at about 50 euros a share.
"Board members, advised by BNP Paribas, are working on a simultaneous spin-off of Dia (discount) and Carrefour Property (real estate), which would both be listed in Paris," Le Figaro said.
Carrefour shareholders favour the group retaining a majority holding in Dia, while management also want it to hold on to more than 50 percent of Carrefour Property, it said.
Colony Capital declined to comment, while Groupe Arnault, the investment company of luxury goods tycoon Bernard Arnault, was not immediately available for comment.
"There could be some value creation (for shareholders from spinning off the two businesses)," said RBS analyst Justin Scarborough. "But these rumours have been around for some time, and so it's hard to know how much of this is already in the price ... Plus, there would be some earnings dilution."
CA Cheuvreux analysts supported the idea of spinning off Dia. "Being managed independently from the Carrefour group, we see scope to accelerate expansion, in particular in Turkey, Brazil or Argentina," they said, adding a drive to improve margins at the business would yield a valuation of 5-7 billion euros in around two years.
The CA Cheuvreux analysts were more cautious at the prospect of spinning off Carrefour Property, saying it could weaken the operating company by reducing its control of rents.
Analysts value Carrefour Property at about 11 billion euros.
Carrefour's shares climbed as high as 41.28 euros in September, amid growing optimism about a turnaround plan aimed at delivering 4.5 billion euros of savings and doubling profits by 2015 through a revamp of its hypmermarkets.
However, confidence was rattled by two profit warnings linked to problems at the group's Brazilian hypermarkets business. (Additional reporting by Mark Potter in London and Lionel Laurent in Paris; Editing by Will Waterman and Jon Loades-Carter) ($1 = 0.7342 euro)