Dutch retaliing group Ahold has announced that it is planning to sell its 60 per cent stake in Scandinavian retail giant ICA. The company will sell its stake to partner Hakon Invest for SEK20bn (€2.33 billion).
The sale will have no direct impact on the joint activities of Ahold and Hakon Invest in the areas of sourcing and responsible retailing, said Ahold. The deal should be completed by mid-2013, subject to regulatory approval. The sale also includes an additional SEK1.2 billion pidend issued by ICA last year.
Four months ago, Ahold said it was considering either selling off the stake, or listing ICA in Stockholm, Sweden. The group aims to focus the execution of this strategy on businesses it controls in order to create value, said the Dutch retailing group.
ICA operates more than 2,200 stores under the ICA and Rimi banner in Sweden, Norway, and the Baltic countries.
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