German retail giant Rewe has become the majority shareholder in Austrian retail co-operative Adeg.
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Rewe said today (11 December) that it had upped its stake in the business from 24.9% to 75% after buying shares from German rival Edeka and members of the Adeg co-operative.
The transaction is subject to the approval of EU regulators but Rewe said the move would ensure the “successful rehabilitation” of Adeg, which, it added, is in a “difficult economic situation”.
Rewe’s Austrian arm, which also includes stores under the Billa banner, is the country’s largest grocery business.
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