The European Union has approved the buyout of Belgian retailer GIB Group by Belgian holding companies Ackermans & Van Haaren and Compagnie Nationale a Portfeuille.

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The two companies are paying around €1.2bn for the buyout.


GIB was Belgium’s leading retailer until it sold its supermarket unit GB to France’s Carrefour in July 2000, reported Dow Jones International.

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