The European Commission has approved Carrefour Italia’s acquisition by food group NewPrinces, which is taking a major step forward with this move.
No concerns for reduced competition
The Commission has concluded that the acquisition will not raise any significant competition concerns in Italy. The impact of the transaction on the markets in which both companies operate is considered to be limited. This decision will enable NewPrinces to consolidate its position in the Italian retail market.
In July, Carrefour announced that it would sell its Italian operations (including 1,188 stores) to NewPrinces Group. The latter, a food producer and distributor, was until recently called Newlat Group and is taking its first steps in the retail sector with this acquisition.
The French retail giant is reviewing all its international divisions: its Polish operations are also said to be up for sale, while options for Romania and Argentina are being explored. Carrefour’s share price has been sluggish for years, so the company wants to significantly improve its profitability.
