"SPAR Hungary, member of SPAR Austria, will take over 174 Plus stores from Germany's Tengelmann Group in Hungary, boosting its network to 378 stores.SPAR will also welcome aboard all 2,300 Plus employees.
Both parties declined to disclose the purchase price.
SPAR Hungary had acquired 22 Kaiser's stores from Tengelmann in 2003.
The 2004 SPAR and INTERSPAR stores booked EUR 1.1 bn gross revenues in Hungary in 2007, ranking the group as the second largest retail chain in the country.
Plus Hungary's turnover was EUR 402 m last year.
The combined market share of the two groups is around 13%."
Source: Portfolio Online Financial Journal
11.03.2008