Retailers Ahold and Delhaize have moved a step closer to completing their merger after filing a registration statement with the US Securities and Exchange Commission.
Even though the two companies are headquartered in Europe, they need to register the statement in the US as they both have substantial operations there.
The deal will see Ahold’s shareholders get 61 per cent of the shares of the newly created Ahold and Delhaize Group, while Delhaize shareholders get the remaining 39 per cent, according to Reuters.com.
The online news publication says that new company will have annual turnover of €54.1 billion from 6,500 stores worldwide, around 4,500 of which are based in Europe.
It will boast more than 375,000 associates and serve more than 50 million customers each week.
The new company, which is expected to be up and running by mid-2016, will be led by current Ahold CEO Dick Boer.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Brian Dermody. To subscribe to ESM: The European Supermarket Magazine, click here.