REWE and the Hornbach Foundation reorganise the shareholder structure of WASGAU AG
REWE Markt GmbH (REWE), one of the leading supermarket operators in Germany, is planning to reorganise the shareholder structure of WASGAU AG in cooperation with the Adrienne and Otmar Hornbach Foundation.
REWE Markt GmbH (REWE), one of the leading supermarket operators in Germany, is planning to reorganise the shareholder structure of WASGAU AG in cooperation with the Adrienne and Otmar Hornbach Foundation. REWE will take over 51 per cent of the shares in the WASGAU Food Beteiligungsgesellschaft mbH from members of the Hornbach family, which until now was held by the Hornbach Foundation. The other 49 per cent of shares will continue to be owned by the Hornbach Foundation. With this 53.1 per cent share capital, the WASGAU Food Beteiligungsgesellschaft mbH is the majority shareholder of the listed WASGAU AG. As a result of the transaction of the intended restructuring, REWE will indirectly take over the majority of the listed stock corporation (AG) and will make a voluntary take-over offer to the remaining shareholders at a cash price of 10.36 euros per share.
At the same time, REWE will enter into a new long-term cooperation contract with WASGAU AG. The entire project is subject to the approval of the acquisition of shares from the Federal Cartel Office. The financial value of the participation will be published in the Offer Document for the voluntary take-over offer. The supervisory boards of the companies involved have already agreed to the contracts.
The aim of the reorganisation of the shareholder structure of WASGAR AG is the prospective creation of a long-term partnership between REWE and the Hornbach Foundation for the sustainable preservation and further development of WASGAU AG as a strong regional trade company in Rhineland Palatinate and in the Saarland.
“I have been putting all my strength behind WASGAU AG for ten years now. Together with the employees and management, we have managed to lead the company down the road to success. I am personally committed to ensuring that WASGAU AG’s development into a strong, regional trade company, which works in the interest of its employees and the economy of Rhineland Palatinate, turns into a long-term success,” explained Otmar Hornbach about the planned new shareholder structure. “I am convinced that, as a cooperative company, REWE is the ideal partner for reaching this goal," said Hornbach.
“I am looking forward to our cooperation with WASGAU AG and the Hornbach Foundation. Together, we will develop the company into a principal shareholder in the future, strengthening WASGAU AG’s efficiency and competitiveness in the long run. With the company’s strong local and regional market position in Rhineland Palatinate and Saarland and its large product range competence in the fields of freshness and regionalism combined with motivated and competent employees, I see many parallels in the companies’ corporate cultures, which seem to complement each other well”, explained Alain Caparros, CEO of REWE Group.
“We must set the course for a sustainable future for WASGAU AG. The management board therefore strongly supports the long term reorganisation of the shareholder structure and is convinced that the cooperation with REWE will make a significant contribution to achieving this goal,” concluded Alois Kettern, CEO of WASGAU AG.
WASGAU AG, headquartered in Pirmasens, operates 87 WASGAU supermarkets and consumer stores with sales areas of 600 to 4,000 square metres, mainly in Saarland and Palatinate. In addition, there are seven Cash & Carry stores to support the catering trade and large-scale consumers. Some 60 independent retailers use WASGAU AG as a shopping and service centre. With 4,000 employees, WASGAU AG generated a turnover of about 482 million euros in 2011.
The cooperative REWE Group is one of the leading trade and tourism groups in Germany and Europe. In 2012, the company generated a total external turnover exceeding 50 billion euros. REWE Group, founded in 1927, operates 15,500 stores with 327,000 employees in 13 European countries. In 2012, around 226,000 employees generated sales totalling 36 billion euros in about 11,000 stores in Germany.
The sales lines include the supermarkets and consumer stores REWE, REWE CENTER, REWE CITY, toom and BILLA, the discounter PENNY, the toom Baumarkt DIY stores and B1 Discount Baumarkt DIY stores as well as ProMarkt consumer electronic stores. Tourism includes the tour operators ITS, Jahn Reisen and Tjaereborg plus Dertour, Meier's Weltreisen and ADAC Reisen and the business travel division FCm Travel Solutions and about 2,100 travel agencies (e.g. Atlas Reisen, DER Reisebüro, DERPART).
Press inquiries: REWE Corporate Communications, Tel: (0049)221-149-1610; Fax: (0049)221-149-971610, Email: email@example.com