Delhaize Group

July 11, 2013 02:38 ET

Delhaize Group announces agreement on sale of Maxi, Mini Maxi and Tempo stores in Montenegro

BRUSSELS, BELGIUM--(Marketwired - Jul 11, 2013) - Delhaize Group (Euronext Brussels: DELB, NYSE: DEG), the Belgian international food retailer, announces that it has reached an agreement with Expo Commerce ("Expo") on the divestiture of 25 Maxi, Mini Maxi, and Tempo stores in Montenegro.

Delhaize Group announces that it has signed an agreement with Expo to sell all 25 Maxi, Mini Maxi, and Tempo stores it operates in Montenegro. In 2012, these stores generated revenues of approximately EUR50 million. Expo is a distributor of major branded fast-moving consumer goods. Delhaize and Expo will enter into a franchise agreement maintaining the Maxi, Mini Maxi and Tempo names.

The transaction is expected to close in the fourth quarter of 2013 and is subject to regulatory approval as well as customary closing conditions and working capital adjustments. Bank of America Merrill Lynch acted as exclusive financial advisor to Delhaize Group for this transaction.

» Delhaize Group

Delhaize Group is a Belgian international food retailer present in ten countries on three continents. At the end of the first quarter of 2013, Delhaize Group's sales network consisted of 3,411 stores. In 2012, Delhaize Group posted EUR22.6 billion ($29.0 billion) in revenues and EUR104 million ($134 million) in net profit (Group share). At the end of 2012, Delhaize Group employed approximately 158,000 people.

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cautionary note regarding forward looking statements

Statements that are included or incorporated by reference in this press release and other written and oral statements made from time to time by Delhaize Group and its representatives, other than statements of historical fact, which address activities, events and developments that Delhaize Group expects or anticipates will or may occur in the future, including, without limitation, when the sale of Maxi, Mini Maxi, and Tempo stores in Montenegro to Expo is expected to be completed; the financial flexibility that will result from the sale; the ultimate value of the transaction to Delhaize Group after working capital adjustments, strategic options, future strategies and the anticipated benefits of these strategies and operating profit guidance, are "forward-looking statements" within the meaning of the U.S. federal securities laws that are subject to risks and uncertainties. These forward-looking statements generally can be identified as statements that include phrases such as "guidance," "outlook," "projected," "believe," "target," "predict," "estimate," "forecast," "strategy," "may," "goal," "expect," "anticipate," "intend," "plan," "foresee," "likely," "will," "should" or other similar words or phrases. Although such statements are based on current information, actual outcomes and results may differ materially from those projected depending upon a variety of factors, including, but not limited to, conditions to closing the sale of Maxi, Mini Maxi, and Tempo stores in Montenegro to Expo, including regulatory approvals; changes in the general economy or the markets of Delhaize Group, in strategy, in consumer spending, in inflation or currency exchange rates or in legislation or regulation; competitive factors; and supply or quality control problems with vendors. Additional risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements are described in Delhaize Group's most recent Annual Report on Form 20-F and other filings made by Delhaize Group with the U.S. Securities and Exchange Commission, which risk factors are incorporated herein by reference. Delhaize Group disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained in this release, or to make corrections to reflect future events or developments.

Press release in pdf format:

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Source: Delhaize Group via Thomson Reuters ONE


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