Mega Image Romania general manager Xavier Piesvaux said in a statement that the retailer was cleared by the Competition Council to take over 19 Angst stores.
Piesvaux also said the decision of the Competition Council confirms the fact that Mega Image does not hold a dominant position on the Bucharest retail market which, he added, proves to be balanced and favorable to free competition.
The stores acquired by Mega Image will be adjusted to the format and standards of Mega Image and Shop&Go units.
Competition Council head Bogdan Chiritoiu said recently that Mega Image would give up one of the 20 stores it was going to take over from meat products retailer Angst and that it might also sell another two units, based on the agreements reached with the antitrust authority in a move to avoid holding a dominant position on the market in certain Bucharest locations. The antitrust watchdog said the takeover of the 20 Angst stores may lead to an excessive consolidation of Mega Image position in Bucharest’s central areas of Amzei, Academiei and Perla.
Early August 2014, Mega Image said it had reached an agreement for the acquisition of 20 out of 22 stores operated by Angst, which was pending the antitrust watchdog approval. The company also said at the time that it expected the new units to generate revenue of EUR21 million per year.
Angst group was established in 1990 and owns three plants, in Buftea, Sinaia, and Videle. Angst is 60% controlled by Sorin Minea, while Liudmila Minea and Bernadette Martha Maria Wyrsch-Angst own a 20% stake each.
Founded in 1995, Mega Image is the most extensive supermarket chain in Romania, with over 350 stores operating under the brands Mega Image, Shop&Go, AB COOL FOOD and Mega Drive.
Mega Image had a net profit of RON55.1 million (EUR12.5 million) in 2013, 18% higher than in 2012, and a turnover of RON2.34 billion (EUR530 million), up 33% on the year, according to Finance Ministry data.