German food retailer Rewe is set to acquire Italian peer Esselunga, newspaper Handelsblatt reported, citing company sources. Esselunga owns 129 stores across Italy and has about 17,000 employees. The acquisition would boost Rewe's revenues by about EUR 5 bn to EUR 36 bn. Rewe plans to buy Esselunga, which has a market share of 8% in Italy, via its Italian unit Standa, the newspaper added. Other retailers rumoured to have approached Esselunga with an offer are Tesco and Wal-Mart.
German food retailer Rewe is set to acquire Italian peer Esselunga, newspaper Handelsblatt reported, citing company sources. Esselunga owns 129 stores across Italy and has about 17,000 employees. The acquisition would boost Rewe's revenues by about EUR 5 bn to EUR 36 bn. Rewe plans to buy Esselunga, which has a market share of 8% in Italy, via its Italian unit Standa, the newspaper added. Other retailers rumoured to have approached Esselunga with an offer are Tesco and Wal-Mart.
Esselunga is headed by Bernardo Caprotti and posted net profits of EUR 180 mln last year.
