German-held LIDL, one of the giants of discount food retail inEurope is making a strong entry onto the Romanian market by takingover the 96 Plus store-network from German group Tengelmann. Thenetwork was valued at over 200 million euros, i.e. half the Plussales on the Romanian market in 2009, according to marketsources.
The takeover of the 96 Plus stores brings German company LIDL amarket share put by ZF at 38% and sets off a close fight with PennyMarket for the top spot among discount chains, on a market worthalmost one billion euros.
After two years of preparations for the first store openings inRomania, LIDL could become the biggest operator of discount storeson the Romanian market in terms of number of stores, if itcontinues the expansion plans of Tengelmann, former owner of Plus,as well as its own greenfield projects, which it started over thelast two years.
"LIDL is also taking over Plus stores under construction in thetwo countries - Romania and Bulgaria - and the chains' logisticcentres, in order to continue expansion projects of the acquiredcompanies," reads a release of Norr Stiefenhofer Lutz law firm,which assisted the buyer in this transaction.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
