PENNY Acquires 328 PLUS Locations

Cologne, 21.11.08

German cartel office gives unrestricted approval of the acquisition

The German cartel office (Bundeskartellamt) has given its unrestricted approval for PENNY to acquire 328 PLUS outlets today, 21 November. The store base of this member company of REWE Group that specialises in discount foods will thus grow to more than 2,400 locations nationwide. Turnover at PENNY will rise from 6.6 to around 7.6 billion euros thanks to the acquisition. The number of employees will grow by 2,200 to 23,200. The acquisition will help PENNY to bolster its store base in rural areas and in dense urban locations.

PENNY will convert the new locations to the current PENNY concept by March of 2009. PENNY will make targeted investments in advertising and marketing concepts for them to enhance the efficiency and competitiveness of the acquired locations over the long run. Strengthened by current positive developments in its store base, the integration will progress quickly under the PENNY motto, "We love lowest prices – and much more..."

PENNY is one of the leading discounters in Europe. Its store base in Germany, Austria, Italy, Romania, the Czech Republic and Hungary encompasses over 3,000 stores with a total of 33,300 employees, achieving a turnover of 10.1 billion euros. Approximately 21,000 employees at more than 2,000 stores in Germany earn a turnover of 6.6 billion euros. PENNY is a member of REWE Group, which counts among the leading German and European trading and travel companies, with a turnover of more than 45 billion euros, 290,000 employees and operations in 16 countries.

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REWE GROUP-Corporate Communications
Tel.: 0221 - 149-1050
E-Mail: presse(at)rewe-group.com

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