German conglomerate Tengelmann has quashed reports that it is looking to sell shares in Plus, its discount supermarket operations.
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Tengelmann, which owns retail businesses in Europe and the US, denied claims that it is looking to offload a majority stake in the business.
“We will hold onto Plus; we don’t want to sell it,” a Tengelmann spokesperson told just-food today (8 August).
Reports in Germany said Tengelmann was willing to cede control of its Plus network while keeping a minority stake in the country.
Last month, Tengelmann scaled back its Plus business with the sale of the chain’s outlets in Spain to Carrefour for EUR200m (US$276m).
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