Edeka/Tengelmann Approach Watchdog With New Proposal
German retailers Edeka and Tengelmann have reportedly approached the country's competition watchdog with a new proposal in an attempt to push through the drawn-out takeover of the latter's Kaiser's stores.
ESM reported last month that Germany's biggest supermarket chain, Edeka, could see its deal to purchase the stores from Tengelmann vetoed by the German competition watchdog.
The latest development comes after Tengelmann CEO, Karl-Ervian Haub, stated in a letter to all employees, as reported by Handelsblatt, that "Together with our partner Edeka we decided to approach the competition watchdog with a new improved proposal."
The letter was sent to all staff on Wednesday afternoon (18 March), with Haub reportedly confident that he'll hear back from the competition watchdog about the new proposal in the very near future.
"We are offering to sell a quarter of all our Kaiser's stores to a third party," the Handelsblatt reports Haub saying, which is reportedly almost twice the amount as previously agreed on.
Haub is confident that this proposal will dissolve any worries about creating a possible monopoly for Edeka in the German market.
However, the deadline for a definite decision remains 7 April.
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