Reitangruppen increases focus on its directly controlled companies and explores options for the holding in Axfood
Significant growth opportunities in all of Reitangruppen’s existing businesses have prompted a more focused strategy towards developing its directly controlled companies. As a consequence, Reitangruppen is exploring options regarding its 15.6% holding in Axfood, the Swedish food retailer listed on Nasdaq Stockholm.
The shareholding in Axfood is a financial investment for Reitangruppen and a divestment of the holding would provide increased financial flexibility and enable Reitangruppen to further focus on developing the directly controlled companies. The process of exploring options for the holding in Axfood will be conducted over time.
”Since we became a shareholder in 2008, Axfood has performed strongly and the management team has done an excellent job developing the company. Our aim with this process is to increase focus on our directly controlled companies. A sale increases financial flexibility and enables us to better capture growth opportunities in our existing businesses”, says Odd Reitan, Chairman and CEO of Reitangruppen.
As the second largest shareholder of Axfood for several years, Reitangruppen has participated in Axfood's nomination committee and Odd Reitan has been a member of the board of directors since 2009. As Reitangruppen's shareholding may be significantly reduced, it has decided not to nominate a person for election at Axfood’s annual general meeting on 16 March 2016. Consequently, Odd Reitan will not be available for re-election to the board of directors when the period for which he has been elected expires.
For more information, please contact:
Berit Hvalryg, Press Officer, Reitangruppen
Tel: + 47 926 46 666
E-mail: berit.hvalryg@reitangruppen.no
About Reitangruppen
Reitangruppen comprises four business areas: REMA 1000, Reitan Convenience, the Uno-X Group and Reitan Real Estate. Reitangruppen’s head office is at Lade Gaard in Trondheim. REMA 1000 and Reitan Convenience have their operational centre in Oslo, while Reitan Real Estate is based in Trondheim. The Uno-X Group is based in Oslo and Copenhagen.
Reitangruppen’s vision is to be recognised as the most value-driven company. Reitangruppen had a turnover in 2014 (including franchise sales) of NOK 82 billion and employ 37,000 people in Scandinavia and the Baltic region, making it one of the ten largest companies in Norway.