ICA, the Scandinavian retail unit 60% owned by Ahold of the Netherlands, is to reduce its interest in the Swedish Netto Marknad chain to 5% from 50%. ICA said on Thursday it had reached an agreement with joint venture partner Dansk Supermarked about the move.
ICA, the Scandinavian retail unit 60% owned by Ahold of the Netherlands, is to reduce its interest in the Swedish Netto Marknad chain to 5% from 50%. ICA said on Thursday it had reached an agreement with joint venture partner Dansk Supermarked about the move.
Under the terms, ICA will get control of 21 Netto stroes and convert some of them to the ICA formula. Subject to regulatory approval the deal should be finalised by the first quarter of 2007.
The Swedish division of Netto, owned by Dansk Supermarked, was formed with ICA Ahold in 2002. By February 2006, Netto Marknad had 74 stores across Sweden.
Ahold announced earlier this week that it is to sell its operations in Poland to France's Carrefour in a deal valued at EUR 35 mln. Ahold currently operates 179 supermarkets under the 'Albert' brand, four Hypernova hypermarkets and four gas stations in Poland. It employs about 10,000 people.
The Dutch retail group, which was badly shaken by an accounting scandal in 2003, said that sale is part of the strategic review plans announced in November.
