Federal Cartel Office Approves REWE GROUP's Acquisition of Tegut, Subject to Certain Conditions
REWE may take over 38 of the 40 stores immediately; a four-year acquisition ban applies to two locations
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Federal Cartel Office Approves Acquisition Agreement Between REWE GROUP and Migros Zurich Cooperative for Tegut Locations, Subject to Conditions
The Federal Cartel Office has approved, subject to conditions, the agreement between the cooperative REWE GROUP and Migros Zurich regarding the acquisition of 40 Tegut stores. The REWE GROUP is permitted to acquire 38 locations immediately. A four-year acquisition ban applies to two additional locations. This fulfills a key prerequisite for implementing the planned future solution under REWE and PENNY for the Tegut locations in Hesse, Bavaria, Thuringia, and Lower Saxony.
“An important milestone was reached today. The decision provides clarity and planning certainty for all parties involved. At the same time, it opens up long-term prospects for the affected locations, their employees, and their customers,” says REWE GROUP Executive Board member Peter Maly.
Back in April, the parties involved had already signed an agreement regarding the acquisition of up to 40 Tegut stores. With the Federal Cartel Office’s decision, the antitrust review process is now complete. The next steps toward implementation are now being prepared based on the decision.
With the planned acquisition, the REWE GROUP aims to secure local food supply in the affected regions for the long term and strengthen the future viability of the locations. As a cooperatively organized retail company, the REWE GROUP has many years of experience in the operation and further development of grocery stores. Established regional supply relationships, as well as the supply of regional and organic products, are to be maintained. All employees of the Tegut stores affected by the planned acquisition are to be offered employment as part of the integration process.
Note: This article has been translated using a computer system without human intervention. LUMITOS offers these automatic translations to present a wider range of current news. Since this article has been translated with automatic translation, it is possible that it contains errors in vocabulary, syntax or grammar. The original article in German can be found here.
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