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Auchan group owns MGV Distri-Hiper

The Auchan group bought 51 percent of the MGV Distri-Hiper shares, in a deal that ended with the group owning 100 percent of the above-mentioned company's capital, reads a release issued by the company mentioned before.

MGV Distri-Hiper SA was founded on May 17, 2005 to open and manage Auchan stores in Romania. The partnership among the different shareholders of the company stipulated, from the very beginning, the future increase in the Auchan participation in the company's capital.

Auchan, which owned 29 percent of the company when it was set up, acquired, on November 26, 2008, the 20 percent held by a group of Romanian private investors. On December 18, 2008, Auchan signed an agreement on buying the 51-percent held by the founders of the company. The transfer of the shares is to be operated in 2009, as soon as the Romanian competition authorities approve the deal.

'This operation is a proof of the ambition of Auchan in Romania. We want to continue our long-term development in this EU member country, which has such a powerful growth potential, and we intend to contribute to the modernization of trade and to the consolidation of the purchasing power of Romanian consumers. Thus, this move will allow us to speed up the development of our activities, as a continuation of the remarkable work of our partners and our teams till now,' Christophe Dubrulle, head of the Auchan Board of Directors, said.

Since 2006 MGV Distri-Hiper has opened six Auchan hypermarkets in Romania, two in the last few months (one in the northern city of Suceava opened on November 15 and the second in the Militari neighbourhood in Bucharest on December 11), as well as a supermarket. The company intends to open two new hypermarkets in 2009.

 

Sursa: http://www.rompress.ro

Tags: auchan company percent distri group hiper

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