Minister Gives Green Light To Edeka Deal For Kaiser's
German economics Minister Sigmar Gabriel (pictured) has given his tentative approval for Edeka's planned takeover of Tengelmann's Kaiser's stores, subject to a series of conditions.
The conditions include provisions to ensure that all 16,000 jobs that could be affected by the deal are unaffected for the next five years.
In addition, the Minister requested that Edeka refrain from privatizing all acquired branches for five years, as well as ensuring that work is completed on a meat processing plant at Birkenhof, and this facility is maintained for three years.
Edeka must meet all criteria, otherwise he will not issue full ministerial approval. "There is no back door," he stated.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here