Poland: Conditions set for Auchan’s takeover of Real
It reported that the Polish competition body UOKiK has given the green light for French retailer Auchan to proceed with the takeover of the stores of rival Real in Poland, provided certain conditions are met.
Under the terms of the agreement, the acquisition can be completed provided that 8 of the the 84 Auchan Real hypermarkets in Poland are sold within 18 months of the transaction being finalised.
The competition body raised concerns that, without these conditions being imposed, the deal could squeeze out rival businesses in Bialystok, Bielsko-Biala, Czeladz, Legnica, Rzeszow, Szczecin, Walbrzych and Sosnowiec, where branches of both Auchan and Real are currently trading.
This deal follows the €1.1 billion euro ($1.5bn) 2012 sale of Metro’s operations in Eastern Europe to Auchan, by which the German group aimed to cut its debt and refocus on its core activities.
Source: Reuters / The News