Metro Group has ended months of speculation over its Extra business in Germany with an agreement to sell the business to local rival Rewe.
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Question marks have hung over Metro’s 245 Extra supermarkets since the autumn when the retail giant admitted it was weighing up its options for the business.
This week, Metro told just-food it was in talks with parties interested in Extra. Last night (17 January), the company announced it sold the business for an undisclosed sum. The deal remains subject to anti-trust approval.
“The sale of Extra enables us to concentrate our food retailing operations solely on Real and thereby focus more effectively our resources on the further successful re-positioning in Germany,” said Metro CEO Dr. Eckhard Cordes.
Metro’s sales in Germany rose 5.5% last year but the increase was largely to the integration of the former Wal-Mart stores it acquired in 2006. Stripping out that part of the business, sales inched up 0.4%.
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By GlobalDataOfficials at Rewe could not be reached for immediate comment.
