Belgian food retailer Delhaize Group has entered into an agreement to acquire four stores operated under the banner Prodas Holding Supermarket in Bucharest, through its fully owned subsidiary Mega Image.
According to Delhaize Group, for 2008, it is estimated that the revenues of the four acquired stores amounted to more than E12m. The four stores, which have a size of 400 to 750 square meters, will be converted to Mega Image supermarkets.
The acquisition of the four Prodas Holding Supermarket stores is subject to the customary conditions, including the approval by the Romanian antitrust authorities. The transaction is expected to close in the third quarter of 2009.
Xavier Piesvaux, general manager of Mega Image, said: "This transaction fits perfectly into Mega Image's strategy of growing via well-located stores in urban areas. The four Prodas Holding Supermarket stores will strengthen our store network. We also expect sales opportunities and buying synergies from this acquisition."
Delhaize Group is a Belgian food retailer with operations in seven countries on three continents. Delhaize Group acquired a 51% stake in Mega Image in 2000. In 2004, Mega Image became fully-owned by Delhaize Group.
IMF “insists” on 4% contraction of Romanian economy
International Monetary Fund “insists” on a 4% contraction of Romanian economy, at a 2-6% budget deficit assumption, most likely to hover around 3.5% and 4% of GDP, said the chairman of BNS, Dumitru Costin at the end of the meeting with IMF officials.
IMF “insists” on 4% contraction of Romanian economy “IMF ‘insists’ on -4% economic growth, as the economy still has much to suffer from crisis. The current situation is unprecedented and the solutions will not be the classical ones”, said Dumitru Costin
n their -4% economic growth assumption, the representative of the international institution considered the international gloomy context, which led to sharp fall in exports, and poor infrastructure, but also the resilience of the Romanian banking system, unlike in other crisis-hit countries.
BNS president said “there will be no traditional measures like we were used to so far, as the context is different. They will be more flexible”.
“When we asked about the monetary policy, IMF representatives said they would leave more room for maneuver to the National Bank of Romania and to the government. Policies will not be as tight as before”, Dumitru Costin added.
IMF “insists” on 4% contraction of Romanian economy “IMF ‘insists’ on -4% economic growth, as the economy still has much to suffer from crisis. The current situation is unprecedented and the solutions will not be the classical ones”, said Dumitru Costin
n their -4% economic growth assumption, the representative of the international institution considered the international gloomy context, which led to sharp fall in exports, and poor infrastructure, but also the resilience of the Romanian banking system, unlike in other crisis-hit countries.
BNS president said “there will be no traditional measures like we were used to so far, as the context is different. They will be more flexible”.
“When we asked about the monetary policy, IMF representatives said they would leave more room for maneuver to the National Bank of Romania and to the government. Policies will not be as tight as before”, Dumitru Costin added.
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