BELGIUM: Delhaize looks to raise C Market stake

By Michelle Russell | 11 February 2013

According to Bloomberg, Delhaize will pay EUR9.72m (US$13m) for the stake

According to Bloomberg, Delhaize will pay EUR9.72m (US$13m) for the stake

Belgium-based retailer Delhaize Group, has confirmed it is interested in purchasing a further stake in Serbian retailer C Market from the country's government.

A spokesperson for the retailer told just-food today (11 February) that it is looking to acquire a 16% share in the group, which would raise its holding to more than 91%. He declined to comment further on the plans, however, and added: "We are in the middle of the privatization process and we will only be able to comment when the process is over."

According to Bloomberg, Delhaize will pay EUR9.72m (US$13m) for the stake, or EUR300 per share. The remaining stake in C Market belongs to the company's employees.

Delhaize started its expansion in Serbia in 2011 through the acquisition of Delta Maxi Group, the country's biggest grocery chain, for EUR932.5m. In April last year, the company announced plans to build a distribution centre in the country as part of its expansion plans there.

Sectors: Mergers & acquisitions, Retail

Companies: Delhaize Group

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