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15.03.2016 18:40:05
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Ahold and Delhaize receive merger approval from Belgian Competition Authority
Zaandam, the Netherlands - Ahold and Delhaize Group today announced that they have received approval from the Belgian Competition Authority (BCA) for their intended merger, an important milestone in the process to completion.
The BCA's approval is conditional upon the divestment of a limited number of stores in Belgium to address competition concerns raised by the regulator. These divestments will include 13 existing stores in total, and consist of 8 Albert Heijn stores and 5 Delhaize franchised stores. A limited number of future Ahold and Delhaize projects will also need to be divested. The divestment package does not include any integrated stores of Delhaize.
No stores will be closed as a result of these remedies. The current labor and working conditions of the associates will be respected according to Belgian labor regulations. The stores involved will have to be transferred to a buyer with the financial means and proven expertise to maintain them as viable and active competitors for Ahold Delhaize and other companies.
Until all requirements imposed by the BCA are met, Albert Heijn and Delhaize stores in Belgium will continue to operate separately.
On June 24, 2015, Ahold and Delhaize announced their intention to merge, creating an international retailer with a portfolio of strong, trusted local brands with more than 6,500 stores and over 375,000 associates serving more than 50 million customers every week in Europe and the United States. Together, Ahold and Delhaize will develop a post-completion strategy for the future of all markets.
Earlier this week, shareholders of both companies approved the combination. The transaction is expected to be completed in mid-2016. The merger clearance from the BCA completes the competition approval in Europe.
A full list of the stores involved is attached to this press release.
2016/09
This announcement is distributed by Nasdaq OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Ahold via Globenewswire
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Ahold via Globenewswire
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