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April 30, 2008

PORTUGAL: J Martins Plus buy approved

Jeronimo Martins' acquisition of 77 Plus discount stores in Portugal from German retailer Tengelmann has been approved by Portugal's competition regulator.

Jeronimo Martins’ acquisition of 77 Plus discount stores in Portugal from German retailer Tengelmann has been approved by Portugal’s competition regulator.

In a filing with the stock exchange, Jeronimo Martins said that the deal has been given the green light provided that the retailer will commit to disposing of one of the two stores it will own in the Seia region.

In the rest of Portugal, the competition authority Autoridade da Concorrencia (AdC) stated that Jeronimo Martins could not increase its selling area for three years.

Furthermore, the AdC has said that Jeronimo Martins will be blocked from requesting licences or increasing selling area in the country for one year.

In December, Jeronimo Martins and Tengelmann reached an agreement over the sale of the German group’s 75 Plus stores in Portugal and 210 in Poland for a sum of EUR320m (US$498.35m).

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