ICA’s acquisition of Rimi Baltic approved by the European Commission
ICAs acquisition of Rimi Baltic approved by the European Commission
Solna 12 december, 2006 The European Commission has on December 11 approved ICAs acquisition of Keskos 50 percent share of Rimi Baltic AB.
ICA announced on October 10 that ICA Baltic AB, a subsidiary of ICA AB, and Kesko Food Ltd had signed an agreement that ICA Baltic acquires Kesko Foods 50 percent share of Rimi Baltic AB.
ICA Baltic pays Euro 190 million in cash for the shares and Euro 50 million in cash for four real estate properties in Estonia. The payment of the shares will take place on December 18, 2006 and the payment for the real estate properties will take place in the beginning of 2007.
Rimi Baltic will be accounted for as a wholly owned subsidiary of ICA AB as of January 1st 2007.
For further information, please contact: ICA press hotline, phone +46 70 253 66 60
----------------------------------------------------------------------------------------------------- About ICA The ICA Group is one of the Nordic regions leading retail companies, with around 2,100 of its own and retailer-owned stores in Sweden and Norway. The Group includes the sales companies ICA Sverige, ICA Norge and Etos. ICA also offers financial services to Swedish customers through ICA Banken. ICA owns half of the companies Rimi Baltic, with 200 stores in the Baltic countries, and Netto Marknad, with above 80 stores in Sweden. ICA AB is a joint venture 40% owned by Hakon Invest AB and 60% by Royal Ahold of the Netherlands. Due to shareholder agreement, neither party has control of the company and both share equal voting power. Through Royal Ahold, ICA AB is part of an international retail network. For more information, please visit http://www.ica.se