DANISH container giant AP Moller-Maersk has sold its United Kingdom Netto Foodstores which numbers 193 outlets, to Wal-Mart unit Asda Stores Ltd for GBP778 million (US$1.1 billion).
The UK chain was considered "profitable" by the shipping retail arm Dansk Supermarked A/S, but "an ideal purchaser" like Asda allows the company a chance to focus development in Scandinavia and northern Europe said CEO Erling Jensen.
"Dansk Supermarked will continue to invest in Netto and will continue to have a strong focus on growing the business in line with the strategy as set out by the board and supported by our owners who see retail as a well-performing and core business area" said Mr Jensen in a company statement.
If the transaction meets UK competition authorities standards, completion is expected by September and could provide Dansk Supermarked with DKK4.6 billion (US$757,270) dependent on the extent to which it meets regulatory standards.
Source : HKSG, 04.06.10.
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