German retailer Tengelmann has decided to sell its discount retail chains in Romania and Bulgaria to its rival Lidl, which is part of Germany's Schwarz retail group, according to reports.
The price of the deal, which has yet to be approved by the regulatory anti-trust body, has not been disclosed.
The news comes on the heels of reports that Lidl has indicated interest in acquiring the Bulgarian business of its German competitor Plus retail chain.
Tengelman, the parent company of Plus, owns 94 and 16 stores in Romania and Bulgaria respectively.
Last year Lidl announced its intention to open 50 nearly new stores in Romania, in early in 2010. This will allow the company to become a leader in the Romanian discount market within a few months, with a total number of stores more than 150.
Lidl plans to launch its business in Bulgaria in spring 2010.
Source: www.novinite.com
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