German food retailer Edeka has divested its minority stake in discount chain Netto Stavenhagen.
The group has sold its 25% stake in the chain to majority shareholder Dansk Supermarked, ending its agreement with the retailer. Edeka bought the stake in 2005, while acquiring Spar Handels from ITM Enterprises.
CEO Markus Mosa said the sale will allow Edeka to “align its strategic focus” on “independent retail and corporate responsibility”.
The retailer operates stores under the Market, Neukauf, Edeka Center, Marktkauf hypermarket, and Netto Marken-Discount banners.
Netto Stavenhagen comprises around 350 stores across north-eastern Germany. Edeka also operates the Netto Marken-Discount chain.