
German retail and distribution giant Metro said Monday it has agreed to sell its Real supermarkets in Turkey for an undisclosed sum.
Metro said in a statement it has signed an agreement to sell Real's 12 stores in Turkey to Haci Duran Begendik.
"With this move, Real will fully focus on the successful development of its business in Germany," the statement said.
"The transaction still requires approval by the responsible competition authorities in Turkey and is expected to be closed in summer 2014."
Turkey would remain an "important focus country" for other Metro brands such as its Cash & Carry and Media-Saturn chains, the German company said.
Real Turkey generated sales of 256 million euros ($350 million) in the 2012-2013 financial year and employs around 1,800 people.
GMT 22:53 2018 Thursday ,13 December
Indian Minister of Trade meets with UAE Ambassador, Chairman of Emaar PropertiesGMT 13:41 2018 Thursday ,06 December
Tyre maker Continental opens lab to extract rubber from dandelionsGMT 15:23 2018 Friday ,30 November
Paper industry around famous Chinese lake to be shut down by 2019GMT 11:13 2018 Sunday ,18 November
Electricx 2018 kicks off with participation of over 20 countriesGMT 16:34 2018 Tuesday ,13 November
Amazon announces new headquarters in New York and WashingtonGMT 16:51 2018 Monday ,12 November
Egypt's exports to Nile basin countries reached EGP 19.9 bln in 2017: CAPMASGMT 08:11 2018 Friday ,09 November
Kaspersky Lab CEO suggests replacing cybersecurity with 'cyber-immunity'GMT 14:00 2018 Thursday ,08 November
Namibian enterprise endeavours to seize opportunities at China import expoMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor