Rewe is to take action to protect itself from potential takeovers, the company’s supervisory board head, Bert Zander, was reported saying today.
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According to German newspaper Handelsblatt, the retail giant is considering the steps following the declined billion euro bid of rival retailer Edeka and US private equity firms Kohlberg Kravis Roberts (KKR).
Yesterday, Rewe moved to quash speculation it is looking to sell off some of its business units.
A spokesperson was quoted by the news agency Reuters saying: “We are not in any talks to sell anything but rather to buy companies.” He added that the company was on an expansion path.
According to German reports, Edeka and KKR had intended to break the group into smaller units. KKR was thought to be interested in Rewe’s tourism business as well as in the Austrian supermarket chain Billa. Edeka, was keen to acquire Rewe’s wholesale chain encompassing 3,000 supermarkets in Germany.
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