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The merger with Kaufhof can come. Competition is not impeded by the authorities.
The way for a new giant department store in Germany is free: the Federal Cartel Office has no objection to the merger of Karstadt and Kaufhof, as authorities announced yesterday. HBC, owner of the Canadian company Kaufhof, is pleased with the decision that it was an "important step" in carrying out the transaction. The Verdi union has asked that workers participate in planning for the future.
According to Andreas Mundt, director of antitrust activities, consumers, manufacturers and suppliers do not pose any competition concerns. "We have found that Kaufhof and Karstadt, even taking into account purely stationary trade, account for only 25% of the market share of individual product groups and regions," he said.
Five billion sales
For a growing number of consumers, online retailers are an important buying option, Mundt said. Increasing competitive pressure from e-commerce has been incorporated into the rating. According to the Cartels Office, the total business turnover of department store chains is around 5 billion euros.
The owners of Karstadt and Kaufhof, the Austrian companies Signa Holding of investor Ren Benko and the Canadian group HBC, announced on September 11th the merger of their two chains of department stores. Karstadt's mother, Signa, will hold a 50.01% stake in the new joint venture, which equals 49.99% for HBC.
HBC operates as a retailer in Canada, the United States and Europe. HBC also owns commercial properties in North America and Germany. Its subsidiary Galeria Kaufhof, based in Kln, operates 98 branches in Germany and an online store. In addition, 16 branches in Belgium, 15 in the Netherlands and 6 German branches of Saks Off 5th will be added.
Signa operates 79 department stores and an online store via Karstadt Warenhaus GmbH in Germany. In addition, there are 29 stores specializing in sportswear, as well as an online store and other retailers of sporting goods.
For the Verdi trade union, it is now necessary to create companies successfully and not rely solely on "optimization through restructuring", said Stefanie Nutzberger, Verdi's Federal Council member. You have to invest in jobs. An important step in this direction is the persistence of both department stores in a holding company. afp
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