French retailer Casino is set to take majority control of Dutch grocer Super de Boer.
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Casino, which holds a 45% stake in the company, wants to buy a further 6% of the business, it said this morning (28 January).
Casino plans to buy the shares from US investment fund Amber for around EUR27m (US$39.7m).
The company hinted that the decision had been driven by Ahold, the largest retail in the Netherlands, to hold talks to sell its majority interest in local rival Schueitma.
“Given the recent strategic developments on the Dutch food retail market, Casino has indeed deemed appropriate to increase its stake in Super de Boer from 45% to 51%,” Casino said.
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By GlobalData“This transaction, which Casino intends to complete in the course of February, reflects Casino’s confidence in Super de Boer’s operations, employees and management team led by Mr. Brouwer.”
Super de Boer, the Netherlands’s number two food retailer, reported 2007 sales of EUR2.1bn (US$3.1bn).
CEO Jan Brouwer said the result “more than compensated” for the loss of its Edah and Konmar stores, which it has sold in the last 18 months.
The company also changed its name from Laurus, consolidated its distribution network and cut head office jobs.
