Germany: Edeka takes over Netto Marken Discount shares of Tengelmann
Discount Retail Chain Netto Marken Discount (owned by Edeka and Tengelmann) will be 100% owned by Edeka. The market leading German retail company will take over the remaining ten percent stake of the Tengelmann Group in the discount chain on January 1, 2021.
Tengelmann has had a stake in Netto since 2009. At that time, the family company had sold its own discount chain Plus with more than 2,300 branches to Edeka. Part of the purchase price was a share in the Edeka discount subsidiary, which came a little closer to the big rivals Aldi and Lidl as a result of the Plus takeover. Edeka and Tengelmann made no statements regarding the purchase price.
With the sale of the net stake, Tengelmann is cutting its last remaining connection to the stationary food retail trade, focussing it business mainly on discount non-food and DIY retail.
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