Delhaize faces Serbian buyout delay | RetailDetail

Delhaize faces Serbian buyout delay

Delhaize faces Serbian buyout delay

For the time being Belgian retail group Delhaize cannot take over the 16% of C Market shares owned by the Serbian state, because an investigation into the privatisation of the chain eight years ago has been started. Delhaize is not part of the investigation, but the authorities want to finish the enquiry into the previous C Market owner.

Possible fraud during privatisation

In 2005, the richest man in Serbia, Miroslav Mišković, struck gold during a wave of privatisations: no less than 24 companies came into his hands in what now appear to be very suspicious circumstances. Amongst those companies was also C Market of the Delta Maxi Group, which Delhaize bought in 2011.

 

Mišković has been in jail since December, awaiting the further course of the investigation. To not endanger the investigation, the Serbian court has decided to freeze the buyout bid of 16% of shares of C Market for half a year.

 

Important market for Delhaize

Early February Delhaize said it wanted to buy out the Serbian government for an amount of 9.7 million euro, to get hold of 91% of C Market - the other 9% are owned by employees. The Belgian chain already bought three quarters of shares when it bought the Delta Maxi Group in 2011.

 

“For Delhaize nothing changes”, says spokesman Steven Vandenbroeke: “We already are the majority shareholder, so practically the delay of the buyout has no consequences. We are also not involved in the investigation and this is only a delay: it will not have any impact on Delhaize.”

 

Serbia is an important market for Delhaize, which had a huge rise in sales in Southern Europe last year. Until now the chain is still the only Western European country that got a foothold in that region, be it through a takeover.

Questions or comments? Please feel free to contact the editors


Grupo Cortefiel will continue as Tendam

23/04/2018

Spanish fashion group Grupo Cortefiel is changing its name to Tendam, with the intention of creating a new corporate identity for its five brands: Cortefiel, Women’s Secret, Pedro del Hierro, Fifty Factory and Springfield.

Monki lets 'influencers' earn money

16/04/2018

H&M subsidiary Monki will collaborate with ‘influencers’: the fashion label will launch a global program for social media figures, who can earn money if they sell clothing.

Chinese investment group now owns fashion chain Naf Naf

12/04/2018

French fashion chain Naf Naf, part of the Vivarte group, has a new owner. A chinese group, led by fashion group La Chapelle, paid 52 million euro to acquire it.

French Connection sells Toast to Bestseller group

10/04/2018

British fashion retailer French Connection, known for its FCUK quote, has sold its Toast subsidiary to Danish clothing group Bestseller, which also owns brands like Vero Moda and Jack & Jones.

Adidas focuses entirely on online sales

10/04/2018

Adidas wants to focus more in online sales and that is why it will shut down a large number of stores worldwide.

Style guru Aldi ? Aldi Süd offers fashion advice on inspirational platform

09/04/2018

Discount chain Aldi Süd has turned into a lifestyle partner thanks to its new inspirational platform where consumers can find anything ranging from gardening tips to fashion advice.