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Ahold and Delhaize agree supermarket merger deal Ahold and Delhaize agree supermarket merger deal
(35 minutes later)
Dutch-based supermarket group Ahold has agreed to merge with Belgium's Delhaize in a deal that could create one of the world's largest retailers.Dutch-based supermarket group Ahold has agreed to merge with Belgium's Delhaize in a deal that could create one of the world's largest retailers.
A tie-up between the two would create a group with more than 6,500 stores in the US and Europe.A tie-up between the two would create a group with more than 6,500 stores in the US and Europe.
The two retailers had combined sales last year of €54.1bn (£38.5bn).The two retailers had combined sales last year of €54.1bn (£38.5bn).
A merger would create the sixth largest food retailer in the US, where Ahold operates Stop & Shop and Giant, while Delhaize owns Hannaford and Food Lion.A merger would create the sixth largest food retailer in the US, where Ahold operates Stop & Shop and Giant, while Delhaize owns Hannaford and Food Lion.
In Europe, Ahold owns the Albert Heijn chain of supermarkets, which has more than 850 stores in the Netherlands and 25 in Belgium. Delhaize owns supermarkets throughout Belgium.In Europe, Ahold owns the Albert Heijn chain of supermarkets, which has more than 850 stores in the Netherlands and 25 in Belgium. Delhaize owns supermarkets throughout Belgium.
Under the terms of the deal, Ahold shareholders will own about 61% of the new company.Under the terms of the deal, Ahold shareholders will own about 61% of the new company.
The two firms said the deal would involve one-off costs of €350m, but they would aim for annual savings of €500m per year from the third year after the deal's completion.The two firms said the deal would involve one-off costs of €350m, but they would aim for annual savings of €500m per year from the third year after the deal's completion.
The companies expect the deal to be completed by mid-2016, subject to regulatory clearance and shareholder approval.The companies expect the deal to be completed by mid-2016, subject to regulatory clearance and shareholder approval.
Ahold started out in 1887 as a small grocery shop opened by Albert Heijn and his wife in Oostzaan in Holland.
Mr Heijn's millionaire grandson, who was also called Albert, was credited with introducing barcodes to the retail market.
Delhaize was founded in 1867 by brothers Jules and Edouard Delhaize, and their brother-in-law Jules Vieujant.