Delhaize Group Buys Stores in Romania

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Delhaize Group Buys Stores in Romania

Belgium-based food retailer Delhaize Group said its subsidiary Mega Image completed the acquisition of La Fourmi, which operates 14 stores in Romania's capital Bucharest, for EUR 18.6 million. The acquisition includes real estate ownership of four stores.

For 2007, revenues for the acquired stores were about EUR 35 million, Delhaize said.

Delhaize Group said it would convert the stores to Mega Image supermarkets within the next six months. Mega Image, acquired by Delhaize in 2000, is one of the largest supermarket chains in Romania with 38 stores, including the 14.

"Thanks to this perfect fill-in acquisition of 14 well-located stores in urban areas, Mega Image strengthens its number one position in the city of Bucharest. By the end of the year, we expect Mega Image's network to reach 40 stores. This acquisition will also allow us to realize important buying synergies," commented Xavier Piesvaux, general manager of Mega Image.