German conglomerate Tengelmann has quashed reports that it is looking to sell shares in Plus, its discount supermarket operations.
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).