“We want to continue our long-term development in this European Union member state, which has a strong growth potential. This operation allows us to speed up the development of our operations,” said the Chairman of Auchan Group Board of Directors, Christophe Dubrulle.
The transfer of shares will be made this year, once the transaction is approved by the Competition Council. The value of the transaction is estimated at several millions euro by market sources. The figure was not officially confirmed, however. MGV Distri-Hiper is currently operating six hypermarkets and one supermarket. This year’s plans include opening at least two further stores. The company registered net sales worth €137 million in 2007.
The Auchan Group is a major commercial chain, the world’s tenth-largest, with more than 380 hypermarkets in 11 countries, over 700 supermarkets, and some 175,000 employees.
