German retail giant Rewe has become the majority shareholder in Austrian retail co-operative Adeg.

Rewe said today (11 December) that it had upped its stake in the business from 24.9% to 75% after buying shares from German rival Edeka and members of the Adeg co-operative.

The transaction is subject to the approval of EU regulators but Rewe said the move would ensure the "successful rehabilitation" of Adeg, which, it added, is in a "difficult economic situation".

Rewe's Austrian arm, which also includes stores under the Billa banner, is the country's largest grocery business.