Tuesday , August 16 2022

No objections from the cartel agency: Karstadt and Kaufhof get the green light



The former competitors in Düsseldorf city center.

The former competitors in Düsseldorf city center.(Photo: Imago / Marianne Müller)

Friday, November 09, 2018

Karstadt is considered the last rescue of competitor Kaufhof. A merger of the two German merchants was still restrictive of competition. They now seem to spread.

The Bundeskartellamt does not object to the planned merger of Karstadt and Kaufhof. As the "Frankfurter Allgemeine Zeitung" reported, referring to business movements, the agency wants release on Friday for merger of the two department stores. There should be no editions. Contrary to expectations, according to "FAZ", Cartel Office does not want to add a second, in-depth review phase.

As "FAZ" reported further, connoisseurs a merger of companies await later this month – and thus in time for the Christmas store.

The owners of Karstadt and Kaufhof, the Austrian Signa Holding and the Canadian trade group HBC, announced on September 11 that they would merge the two department stores. The Karstadt dam Signa is said to have a share of 50.01 percent in the new joint venture, HBC 49.99 percent.

On October 9, Signa and HBC announced the planned merger with the Federal Cartel Office. The agency had one month to investigate it but could extend it for up to three months. The signal manager René Benko had told Handelsblatt that the merger was "rescue of the company" Kaufhof. The chain was "in a state alarming as 2014 Karstadt". By that time Benko had taken over Karstadt.

Union Verdi opposed the merger of the supermarket chains and appealed to the owners not to cut jobs. There are fears that during the merger at the Kaufhof 5000 of about 20,000 jobs could disappear.

Source: n-tv.de


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