The Federal Cartel Office has approved, subject to conditions, the agreement between the cooperative REWE GROUP and Migros Zurich regarding the takeover of 40 Tegut stores. The REWE GROUP is permitted to take over 38 sites immediately. A four-year ban on acquisition applies to two further sites. This fulfils a key prerequisite for the implementation of the planned future arrangement between REWE and PENNY for the Tegut sites in Hesse, Bavaria, Thuringia and Lower Saxony.
“An important milestone has been reached today. The decision provides clarity and planning certainty for all parties involved. At the same time, it opens up long-term prospects for the affected stores, their staff and customers,” says Peter Maly, member of the REWE GROUP Management board.
Back in April, the parties involved had already signed an agreement regarding the takeover of up to 40 Tegut stores. With the decision by the Federal Cartel Office, the competition authority’s review procedure is now complete. The next steps towards implementation are now being prepared on the basis of this decision.
With the planned takeover, the REWE GROUP aims to secure local food supply in the affected regions in the long term and to strengthen the future viability of the sites. As a co-operatively organised retail group, the REWE GROUP has many years’ experience in the operation and further development of food retailers. Established regional supply relationships, as well as the supply of regional and organic products, are to be maintained. All staff at the Tegut stores affected by the planned takeover are to be offered employment as part of the integration process.