Dutch retailer Ahold has no plans to sell its stake in ICA Ahold, the Swedish supermarket chain’s CEO has said.

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“I am quite sure ICA Ahold is not for sale from their perspective,” ICA Ahold chief executive Kenneth Bengtsson told Reuters.

“We are a very profitable company. We have very good growth both in sales and in EBIT. I think they also need ICA Ahold in the European arena,” Bengtsson continued.

“To find synergies between companies you need strong companies and we are definitely one of the strongest.”

Ahold has a 50% stake in ICA, a chain of around 3,000 stores in Scandinavia and the Baltic region.

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