Auchan purchases Cora

Auchan Magyarorszag, the Hungarian unit of French retailer Auchan Group, will purchase Cora Magyarorszag, the Hungarian unit of Belgian supermarket chain Cora, Auchan Magyarorszag said.

The Auchan unit said it had concluded an agreement with Cora owner, the Louis Delhaize Group, regarding the purchase of Cora Magyarorszag's seven hypermarkets in Hungary as well as the land on which they are situated and the connected shops. The transaction requires approval from Hungary's competition office GVH, Auchan Magyarorszag said, adding that pending approval, the deal could be closed in the first quarter of 2012. Auchan Magyarorszag did not disclose the purchase price, which market sources previously estimated at between HUF 40bn and HUF 50bn. The Delhaize Group decided this summer to discontinue its operations in Hungary. Cora employs 2,700 people, and operates three hypermarkets in Budapest and four elsewhere in the country. Auchan Group operates twelve stores and another 11 shops and employs 5,600 people in Hungary.