Tengelmann Ends Engagement in Spain Print

Mülheim an der Ruhr, 16 July 2007 – on 13 July 2007  the Tengelmann Group and Carrefour S.A. signed a contract regarding the takeover of the stores in Spain belonging to its subsidiary Plus by its competitor DIA.

“We have been active in Spain since 1993 and in the time since then we have been unable to build up a strategic position in this difficult market. Therefore, we took the decision to immediately end our engagement there”, declared Karl-Erivan W. Haub, managing partner and CEO of the Tengelmann Group. “In DIA we have found the ideal partner for Plus Spain as the company will acquire the 100 percent interest in Plus Spain.” The acquisition is subject to agreement from the anti-trust/competition authorities. Tengelmann was advised by the investment company Alegro Capital, London.

In fiscal year 2006/2007 in 247 stores and with 2,419 employees Plus Spain achieved a turnover of 474 million Euros.

In the future Plus will concentrate on developing the Eastern European growth markets. Alongside its home market in Germany the company is currently active in Greece, Austria, Poland, Portugal, Romania, The Czech Republic and Hungary. Its entry into the Bulgarian market is underway.

In fiscal year 2005/2006 the discount food company Plus had more than 42,000 employees in around 4,000 stores in Europe and achieved a turnover of over 9 billion Euros.