German grocer Rewe Group has received the approval from the Russian competition authorities to acquire 12 City stores from Turkey-based Enka Group. The outlets in the greater metropolitan area of Moscow will be converted to the Billa supermarket format in the coming months and be integrated into the existing distribution network.

The company also plans to open approximately 10 new Billa stores by the end of the year while investment will continue to be made in quality and modernisation.

Alain Caparros, CEO of Rewe Group, said: “The acquisition in Russia underscores the strategic significance of foreign business for the Rewe Group. In the meantime we are generating around one-third of our turnover outside Germany’s borders. Eastern Europe is developing into a big attraction when it comes to foreign growth.” 

Source: www.planetretail.com