Delhaize Group and Ahold Expect Merger to Complete Before End July
OREANDA-NEWS. In the context of the intended merger between Delhaize Group and Ahold, the companies have confirmed today that they expect the merger to complete before the end of July, subject to regulatory approval by the Federal Trade Commission of the United States.
In addition, Ahold today provided further details on its €1 billion capital repayment and reverse stock split, which had been announced on June 24, 2015 and approved by Ahold's shareholders on March 14, 2016. Please refer to Ahold's press release of today for further details.
On June 24, 2015, Ahold and Delhaize announced their intention to merge. The shareholders' meetings of both companies approved the merger in March 2016.The Belgian Competition Authority (BCA) granted its conditional approval for the merger in March 2016. FTC clearance is the final regulatory approval requirement for the merger to complete.
Delhaize Group is a Belgian international food retailer present in seven countries on three continents. On March 31, 2016, Delhaize Group's sales network consisted of 3 524 stores. In 2015, Delhaize Group recorded €24.4 billion ($27.1 billion) in revenues and €366 million ($407 million) net profit (Group share). At the end of 2015, Delhaize Group employed approximately 154 000 people. Delhaize Group's stock is listed on NYSE Euronext Brussels (DELB) and the New York Stock Exchange (DEG).