Tuesday , October 4 2022

The cartel office gives the green light: Karstadt and Kaufhof can be merged



Former competitors in the city center of Düsseldorf.

Former competitors in the city center of Düsseldorf.(Photo: imago / Marianne Müller)

Friday, November 9, 2018

Karstadt is considered the last rescue of the competitor Kaufhof. The merger of the two German department stores veterans was still anticompetitive. Now they seem scattered.

The Bundeskartellamt does not raise any objections to the proposed merger of Karstadt and Kaufhof. As the Frankfurter Allgemeine Zeitung said, referring to business circles, the authorities want to grant their release on Friday for the merger of the two department stores. There must be no editions. Contrary to expectations, according to "FAZ", the Cartel Office does not want to add a second, in-depth examination.

As reported by "FAZ", connoisseurs expect a company merger later this month – and therefore in time for the Christmas business.

The owners of Karstadt and Kaufhof, Austrian Signa Holding and Canadian HBC Trading Group, announced on September 11th that they will join the two department stores chain. Sigma's Karstadt station is said to have a 50.01% stake in the new joint venture, 49.99% of HBC.

On October 9, Signa and HBC announced the planned merger with the Federal Cartel Office. The body had one month to examine it, but it could extend it for up to three months. Director of Signa René Benko told Handelsblatt that the merger was "the rescue of the company" Kaufhof. The chain was "as worrying as Karstadt in 2014". At that time Benko had taken over Karstadt.

The Verdi association opposed the merger of department stores and asked the owners not to cut off their jobs. There are fears that during the merger at Kaufhof 5000 some 20,000 jobs could disappear.

Source: n-tv.de


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