German cooperative retailer Rewe has agreed to buy out the majority owners of Swiss food retailer Bon Appetit and make an offer for the remaining stock.

Rewe, which has sales of €37.4bn (US$43.8bn) in 2002, has offered CHF60.80 (US$46.4) for each publicly traded Bon Appetit share, which were valued at CHF52.55 at close of trade on Tuesday. The offer values Bon Appetit at around CHF230m.

Rewe has also agreed a purchase price of CHF78.70 a share with, Curti & Co, which holds a 53% stake in Bon Appetit.

The offer, which still requires regulatory approval, is due to be launched on 21 July and will run for 20 trading days.

The proposed deal would increase Cologne-based Rewe’s European presence to 13 countries and increase its foreign turnover to more than €10bn.

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Bon Appetit, controlled by family firm Curti & Co registered 2002 sales of CHF3.2bn.