Tengelmann sells Plus operational business in Poland and Portugal to Jerónimo MartinsPrint

Cooperation in the property segment

Mülheim an der Ruhr, December 21, 2007 – As part of the initiated strategic process the Tengelmann Group has made a decision with respect to its subsidiaries of Plus Warenhandelsgesellschaft mbH in Poland and Portugal. “After evaluation of all options we have decided to sell the trading business to the successful Jerónimo Martins Group. I firmly believe that our markets and employees will be in best of hands,” explains Karl-Erivan W. Haub, Managing Partner of the Tengelmann Group. The 145 business properties developed by Tengelmann in both countries are not subject to the sale and shall remain the property of the family business in the long term. “We have come to a cooperation agreement for the properties in both countries. We will continue to operate the existing properties operated by Jerónimo Martins and develop new ones.” says Mr. Haub.

Number One in Poland
Jerónimo Martins operates under the Biedronka brand in Poland and is one of the major employers in the Polish market. The agreement covers the sale of Plus Discount Sp. z o.o. shares to Jerónimo Martins.

The shares of Plus Discount Sp. z o.o. will be taken over by Jerónimo Martins along with the stores and all the employees.

Portugal
The Portuguese company Pingo Doce operates 210 supermarkets in its own market. These are now added by 75 Plus stores and approx. 167 million Euro in sales. The shares of Plus Discount Supermercados, Lda. will be taken over by Jerónimo Martins along with the stores and all its employees.

Implementation of the merger is still subject to antitrust approval.

 The Tengelmann Group is an international trading group whose subsidiaries include Plus, OBI, KiK, Kaiser’s Tengelmann and A & P. The family business was founded in 1867 in Mülheim an der Ruhr and is now managed by the 5th successive generation. With 8,056 stores and 151,753 employees in 15 countries the Group achieved sales totalling EUR 24.52 billion in its 2006/2007 financial year.