Dutch retail giant Ahold has announced that it has agreed to sell half of the shares in Scandinavian joint venture ICA that it is required to buy from its joint venture partner Canica to its other joint venture partner ICA Förbundet Invest.
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Following completion of the deals, ICA AB will be 60% held by Ahold and 40% held by ICA Förbundet. Ahold said that due to the mechanics of the shareholders’ agreement between Ahold, ICA Förbundet and Canica, the exact date on which the purchase of the shares from Canica or the sale of half of the shares to ICA Förbundet will take place is not known.
Ahold said that it does not yet know how much it will pay for Canica’s 20% stake in ICA AB or how much it will receive from ICA Förbundet for the shares that ICA Förbundet will purchase from Ahold.
