Brussels, May 31, 2007 - Delhaize Group, the Belgian international food retailer, announced today that it has completed the earlier announced sale of Delvita in the Czech Republic to the German retail group Rewe, after unconditional approval by the European antitrust authorities.
On November 10, 2007, Delhaize Group signed an agreement to sell its Czech activities Delvita to the German retail Group Rewe. On April 26, 2007, the transaction was approved by the European antitrust authorities.
The transaction was officially closed today. Delhaize Group received an amount of EUR 100 million in cash, subject to contractual adjustments. A positive accumulated foreign currency translation adjustment of approximately EUR 23.7 million will be recorded in the result from discontinued operations during the second quarter of 2007.
Delhaize Group entered the Czechoslovakian market in 1991 through the newly-founded subsidiary Delvita. In 2005, Delvita sold its Slovakian stores to Rewe. At the end of March 2007, Delvita's sales network included 97 stores. At the end of 2006, Delvita employed approximately 3,700 associates.