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From Bulgaria

28.07.2011 14:21

Delhaize Group Completes Delta Maxi Acquisition

The Belgian Company becomes a Leading Retailer in Southeastern Europe

AUTHOR: publics.bg

© http://www.delhaizegroup.com

Delhaize Group (Euronext Brussels: DELB - NYSE: DEG), the Belgian international food retailer, announced yestoday that it has received the unconditional approvals of all relevant merger control authorities and has completed the earlier announced acquisition of the Serbian retailer Delta Maxi. Combined with its existing operations in Greece and Romania, the transaction makes Delhaize Group into a leading retailer in Southeastern Europe.

Pierre-Olivier Beckers, President and Chief Executive Officer of Delhaize Group, said: “This transaction fits perfectly in our New Game Plan, our strategic plan focused on accelerating profitable revenue growth. The addition of Delta Maxi combined with our existing businesses in Romania and Greece makes Delhaize Group into a leading player in the region. We are looking forward to growing our business in this promising part of Europe.”

Delhaize Group has acquired Delta Maxi for EUR 932.5 million including net debt and other customary adjustments of EUR 318 million. In Serbia, Delta Maxi operates approximately 350 stores and is the largest food retailer. Delta Maxi began operations in 2000 and operates approximately 450 stores in Serbia, Bulgaria, Bosnia and Herzegovina, Montenegro and Albania. At the end of 2011, Delta Maxi’s five-country network is expected to count approximately 500 stores. The results of Delta Maxi will be consolidated in Delhaize Group’s results from August 1, 2011 and will be reported as part of the Southeastern Europe and Asia operating segment. The transaction includes a significant part of the real estate ownership of the stores in Serbia as well as seven of the distribution centers.