Tengelmann CEO Says He Would Consider Selling Stake in A&P
Mülheim an der Ruhr, GERMANY -- Tengelmann, based here, the parent company of the Great Atlantic & Pacific Tea Co., is interested in finding a partner for Montvale, N.J.-based A&P, said c.e.o. Karl-Erivan Haub in an interview published last week.
Haub told the Financial Times Deutschland last week that he wasn't happy with the U.S. chain's financial performance. "We will not sell A&P, but possibly we will give up a stake to another company," he said. If such a deal were to be struck, he added, Tengelmann would retain a considerable share in A&P.
The Tenglemann c.e.o. also said his company was open to acquisition opportunities after a period of restructuring. He noted that Tengelmann would only seek to acquire businesses that were a good fit with the company and that were an appropriate price, especially home improvement and clothing stores.
Haub told the Financial Times Deutschland last week that he wasn't happy with the U.S. chain's financial performance. "We will not sell A&P, but possibly we will give up a stake to another company," he said. If such a deal were to be struck, he added, Tengelmann would retain a considerable share in A&P.
The Tenglemann c.e.o. also said his company was open to acquisition opportunities after a period of restructuring. He noted that Tengelmann would only seek to acquire businesses that were a good fit with the company and that were an appropriate price, especially home improvement and clothing stores.