Belgian holding company Ackermans & Van Haaren has launched a takeover bid to acquire all the shares in former retailing giant GIB.

GIB was at one stage Belgium's leading retailer until July 2000 when it sold its supermarket unit GB to France's Carrefour.

Ackermans are offering €41 (US$40) per share, which puts the value of GIB at €1.13bn, reports Dow Jones International News.