Portugal-based retailer Jeronimo Martins has been given approval by Poland's antitrust body to proceed with the purchase of the Tengelmann-owned Plus network of stores in the country.
The Portuguese company agreed to invest €320m for Tengelmann's Plus networks in Poland and Portugal in December 2007.
However, Jeronimo will be forced to dispose of 25 Plus stores and 13 Biedronka chain stores for the deal to go through, the antitrust regulators ruled.
Despite this, the deal will see Biedronka's overall store portfolio boosted by 15 per cent, with Jeronimo also expecting to open 70-100 new stores in Poland by the end of 2010, Reuters said.
'With this operation Biedronka, which already operates 1,115 stores, strengthens its leading position in the Polish market,' the group said in a statement.
No comments yet