German retaier Rewe has bought out its venture partner in cash-and-carry group Fegro-Selgros.

Rewe has paid an undisclosed sum to buy the 50% stake in Fegro-Selgros from German conglomerate Otto Group.

Cash-and-carry group Fegro-Selgros, with an annual turnover of around EUR3bn (US$4.7bn), was founded by Rewe and Otto Group in 1989, with each holding a 50% share.

"The acquisition of Fegro-Selgros creates clear structures for our growing cash-and-carry business," said Rewe's Josef Sanktjohanser. "We will further continue the development of Fegro-Selgros particularly in Poland, Romania and Russia."
 
Sanktjohanser added: "The transaction follows our strategy consistently, both our position in the German market and our foreign markets continue to strengthen the wholesale business for the Rewe Group."
 
The transaction is still pending regulatory approval.