Rewe Group has confirmed it is to increase its stake in German supermarket chain Wasgau.
A spokesperson for Rewe told just-food today (26 March) it is acquiring a 25.9% share in the company, taking its stake up to 51%. The Hornbach family will retain the remaining share.
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The spokesperson declined to provide any further details on the transaction. “The whole transaction stands under the condition of the outstanding agreement of the German Federal Cartel Authority. In that period it is regulated by law that we are not allowed to add or communicate anything more.”
Rewe bought a minority stake in the company in October 2011. Wasgau is a regional firm based in the town of Pirmasens on the French border. It runs 90 supermarkets and seven cash-and-carry outlets. The retailer also acts as a wholesaler for over 100 independent retailers.
Earlier this month, Rewe revealed an increase in full-year profits and sales.
EBITA rose to EUR501.2m (US$650.5m), up from EUR369.5m a year earlier, while sales were up 2.7% at EUR49.7bn.
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