Dansk Supermarked owner A.P. Moller-Maersk has confirmed today (13 April) that it has completed its sale of its UK Netto stores to Asda.
The company said that it and Asda have now completed all of the regulatory conditions required for the UK competition authorities to approve the sale.
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The OFT gave the green light for the sale on 9 March, and Asda said that it plans to open its first converted stores in Worksop, Wakefield and Stainforth, during May.
Speaking to just-food, an Asda spokesperson told just-food today that it wants to ensure all 147 Netto stores trade under the Asda name before the end of this year. “This process will give us a Supermarkets division of over 180 stores, and a brand new format in the UK,” she said.
Maersk said that the accounting gain is DKK300m (US$58.2m) less than announced on 27 May 2010 due to Asda’s divestment of 47 stores as agreed with the Office of Fair Trading (OFT).
Additionally, it said that accumulated exchange rate losses of DKK500m previously recorded inequity will be recorded in the same income statement. It said the net effect on the company’s second-quarter income statement will be DKK3.8bn, while the change in equity will be DKK4.3bn.
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