RetailDetail EU
Europe - EN
  • België - NL
  • Belgique - FR
  • Nederland - NL
  • Europe - EN
  • About us
  • Contact
  • Subscribe
  • Sign in user
  • News
    • Food
    • Fashion
    • Home
    • Electronics
    • Beauty/Care
    • DIY/Garden
    • Leisure
    • General
  • RetailDetail Plus
  • Events
  • Hunts
  • RetailHub
  • Advertising & Partnerships
    • EVENT PARTNERSHIPS
    • PRINT ADVERTISING
    • ONLINE ADVERTISING
RetailDetail EU
Europe - EN
  • België - NL
  • Belgique - FR
  • Nederland - NL
  • Europe - EN
  • About us
  • Contact
  • Sign in user
  • News
    • Food
    • Fashion
    • Home
    • Electronics
    • Beauty/Care
    • DIY/Garden
    • Leisure
    • General
  • RetailDetail Plus
  • Events
  • Hunts
  • RetailHub
  • Advertising & Partnerships
    • EVENT PARTNERSHIPS
    • PRINT ADVERTISING
    • ONLINE ADVERTISING
thumb
Written by Pauline Neerman
In this article
  • Companies Horeca TotaalMakroMetroSligroVan Zon
  • Topics AcquisitionBankruptcy
  • Geography Belgium
Share article
  • facebook
  • instagram
  • twitter
  • linkedin
  • email

Court: Sligro bid best option for Metro

icon
Food2 December, 2022

The Commercial Tribunal of Antwerp agrees with the trade unions’ statement that Dutch wholesaler Sligro has put forward the best bid for the Belgian branch of Metro. A competing bid by current CEO Vincent Nolf is deemed to be too far below the actual value of the stores involved. A decision will follow by Wednesday at the latest.

Below value

Today, the court considered the four bids for Makro Cash & Carry Belgium: the candidates were given the opportunity to defend their case, in the presence of the trade unions and hundreds of employees. Nolf received some particularly critical questions about his plan for a management buyout, Belgian business newspaper De Tijd reports.

The CEO is offering 110,000 euros for ten stores and says he can guarantee three years of job security for more than 600 employees (some 100 more than Sligro would take over), which he says would be worth another 39 to 100 million euros. However, he was forced today to admit that he does not have found the funding to actually guarantee that guarantee. Indeed, two days ago, Nolf told unions he was still looking for co-financiers. It is also unclear why the valuation of the work guarantee has suddenly been raised from the previous 30 – 50 million euros.

The CEO’s bid is a lot lower even than the estimated liquidation value of the shops, which means it may not even comply with the rules at all, liberal trade union ACLVB reports to newspaper HLN. Legally, any bid must be at least equal to that liquidation value, although the value of the job guarantee was debated in court.

What about competition?

Sligro would then be a far better option, with its sixty-million-euro bid – especially it said it was willing to drop the Ghent store from its bid without reducing the amount offered. That would come in handy for Van Zon, which is also interested in that store and and has offered 400,000 euros for it. Also, if the takeover is greenlit, the Dutch hospitality wholesaler would already be ready to start the conversion in a matter of days.

However, other competitors are worried about two such major players joining forces. Horeca Totaal – itself eager to take over the Liège Metro store – hopes Sligro will have to divest said store in the event of a merger because of the threat to the free market. However, the competition watchdog had already said in advance that it would not stop the takeover.

And what about Makro?

Although the delegated judge has stated that “Sligro Food Group’s offer in combination with the offer of Groep Horeca Van Zon offers the best conditions in terms of price, employment and financial strength”, the final decision will only follow after the weekend, on Wednesday at the latest.

For Metro’s cash&carry sibling Makro, the uncertainty will remain a bit longer. With the certainty of no acquisition candidates, the current Luxembourg-based holding owner has to decide whether to proceed with a liquidation sale itself or file for bankruptcy in January. At the moment, as in-store clearance sales are still planned throughout December. Staff would also continue to work for the whole month.

Stay up-to-date

Receive our free newsletters and do not miss out on the latest retail news.

Subscribe
logo

The Commercial Tribunal of Antwerp agrees with the trade unions' statement that Dutch wholesaler Sligro has put forward the best bid for the Belgian branch of Metro. A competing bid by current CEO Vincent Nolf is deemed to be too far below the actual value of the stores involved. A decision will follow by Wednesday at the latest.

More on Food
See more
  • icon
    Food8 February, 2023
    Carlsberg warns: will beer become too expensive in Europe?

    Will Europeans no longer be able to afford their beers? Carlsberg fears that further price increases will affect sales this year.

  • icon
    Food8 February, 2023
    Mondelez braces itself for heavy fine

    An antitrust investigation by the European Commission threatens to cost Mondelez a lot of money: the confectionery manufacturer is setting aside 300 million euros and admits the final figure could be much higher.

  • icon
    Food7 February, 2023
    [In the picture] Colruyt goes B2B with automated catering concept

    Belgian retailer Colruyt Group has launched Spar for You, aiming to supply businesses with foodservice now that staffed company canteens are becoming too expensive post-pandemic.

Events
  • 16
    Feb
    Captains of Retail 2023
  • 23
    Mar
    Omnichannel & E-Commerce Congress
  • 20
    Apr
    RetailDetail Congress
  • 11
    May
    Fashion & Beauty Congress
  • 15
    Jun
    Human Resources & People Congress
  • 29
    Jun
    Food Congress
Most read
  • icon
    Food24 January, 2023
    Europeans now also allowed to eat cricket powder and small mealworms
  • icon
    Food10 January, 2023
    Makro Belgium now officially bankrupt
  • icon
    Food13 January, 2023
    Carrefour Belgium tests autonomous delivery robot
  • icon
    Fashion16 January, 2023
    False discounts earn Yoox millions in fines
Follow RetailDetail
  • socialFacebook
  • socialTwitter
  • socialInstagram
  • sociallinkedIn
footer-logo
RetailDetail, the leading b2b-retailcommunity in the Benelux, keeps retail professionals up-to-date by means of online & offline publications, retail events, inspiring retail hunts and the unique co-creation platform retailhub, where retailers and their suppliers can experience the future of shopping.
RetailDetail Mailing Address:
Kolveniersstraat 7, bus 26 
2000 Antwerp
Visiting address:
Stadsfeestzaal – Meir 78 
2000 Antwerp
How to reach us:
Directions
© 2023 RetailDetail
general conditions | privacy policy
+32 3 500 89 59 info@retaildetail.be
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies.
Accept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT