Coop Sweden has been granted approval by the Swedish Competition Authority to complete its acquisition of Netto’s Swedish stores.
Following the approval, Coop Butiker & Stormarknader, which operates some 240 of Coop’s 650 stores across Sweden, plans to formally take control of the stores in early July and commence a restructuring process in early autumn.
Coop announced its plans to take over Netto’s Swedish stores in early May, with 163 stores set to convert to Coop outlets after a transitional period.
Positive Move
“It is very positive that the Swedish Competition Authority handled the case effectively, which means that we can now move on and implement the deal,” said Christian Wijkström, CEO of Coop Butiker & Stormarknader.
“Coop aims to take over the Netto stores in early July and then start work on converting Netto’s stores to Coop,” Wijkström added.
Following the conversion of the stores, the outlets will boast a wider range of food products, as well as an increased offering of sustainably sourced products, Coop reported.
Coop Butiker & Stormarknader’s stores are mainly located in Stockholm, Mälardalen, Östergötland, and western Skåne.
Surprise Offer
At the time of Coop’s bid to take over the stores, Michael Løve, chief executive of Netto International, told ESM that the offer “came out of the blue”, however, it has enabled the business to “focus our investments more”.
Netto International first entered Sweden in 2002.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.
