GERMANY: Edeka and Rewe Group finalize Tengelmann deal | Progresiv

After two years of legal procedures and resistance from competition watchdog and rivals, German retailer Edeka is now very close to finalize the Tengelmann acquisition, according to Lebensmittel Zeitung.

The latest challenge came from Rewe Group arguing that Edeka would be disproportionately powerful in Berlin if the acquisition gets approval.

Following the negotiations, Edeka, Tengelmann and Rewe Group have agreed to divide up the Berlin branch of Tengelmann stores. Rewe Group will then buy 60 of 124 stores in Berlin as a compensation. The sale value or other details of the agreement are not disclosed. This agreement clears the obstacles for Edeka to complete the Tengelmann acquisition. (www.kantarretailiq.com)