French retailer Auchan has acquired the remaining stake in MGV Distri-Hiper, a Romanian-based retail group.
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MGV Distri-Hiper was founded in 2005 to set up and operate stores under the Auchan banner in Romania.
Auchan, which acquired a 29% stake, later bought the 20% held by a group of Romanian private investors in 2008.
In December, Auchan signed an agreement for the acquisition of the remaining 51% held by the founders of the company.
The transfer of the shares will take place in 2009 subject to the approval of the Romanian authorities regulating competition.
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By GlobalData“This operation is a clear sign of the ambition of Auchan in Romania,” said Christophe Dubrulle, chairman of the board of directors of the Auchan group. “We wish to pursue our development over the long term in this country … and continue to contribute to the modernisation of the retail sector and the reinforcement of the purchasing power of Romanian consumers.”
Since 2006, MGV Distri-Hiper has opened six hypermarkets under the Auchan banner, including two in recent weeks, in Suceava on 15 November and in Bucharest Militari on 11 December, as well as a supermarket. The company plans to open two hypermarkets this year.
