Delhaize Group will buy back own bonds | RetailDetail

Delhaize Group will buy back own bonds

Delhaize Group will buy back own bonds

Belgian Delhaize Group will take advantage of the low interest rates on the financial markets to buy back a part of its own bonds, for a maximum amount of 450 million dollars (400 million euro).

"Debt control"

Delhaize will focus on bonds which will end in 2017 and 2019. These two have a total value of 750 million dollars (665 million euro), of which Delhaize is willing to buy back up bonds worth up to 450 million dollars. "The goal of the purchase is to control our future debt and lower our current interest cost", Delhaize said in a press release.

 

Analysts are happy with Delhaize's move: "It shows a solid capital control and emphasizes the board's dedication to its shareholders and the maximization of its worth", satisfied ING analyst Matthias Maenhaut told Belgian business newspaper De Tijd.

 

Delhaize Group also revealed, earlier this week, that its 2014 turnover would be 3.7 % higher than the year before, reaching 21.3 billion euro. It had a Belgian turnover drop, mostly attributed to the labour union strikes at the end of the year.

Questions or comments? Please feel free to contact the editors


“Urgent action needed against territorial supply constraints”

23/05/2018

(content provided by EuroCommerce) Speaking to mark the launch of the Benelux study on territorial supply constraints, EuroCommerce Director-General Christian Verschueren argued for the EU to act on big brands’ fragmentation of the European market.

Action owner 3i wants to keep chain after all

22/05/2018

Investor 3i wants to keep a hold of Action after all. Even though the owner made it seem like it was looking for a buyer, 3i now denies it.

Action owner wants to sell stake

18/05/2018

Action’s owner, investment firm 3i, aims to sell a part of the discount store chain next year. The Brits would want to sell a 35 % stake in the firm.

Belgian fund close to HEMA acquisition

09/05/2018

Belgian Core Equity holding is allegedly close to acquiring Dutch chain HEMA: a verbal agreement is apparently in place, all that is required are the signatures.

Walmart, not Amazon, will acquire Indian market leader Flipkart

07/05/2018

Despite Amazon’s attractive offer, Indian online retailer Flipkart has chosen for Walmart and (remarkably), Google owner Alphabet as the new owners of 75 % of Flipkart’s shares. The deal is said to be worth 15 billion dollar.

Alibaba's growth exceeds expectations

07/05/2018

Chinese retail group Alibaba has published better-than-expected quarterly results: turnover went through the roof, but its profit is under pressure because of increased investments.