Mega Image paid only 12m euros for La Fourmi

Belgian group Delhaize, operator of the Mega Image supermarket chain, paid 12 million euros for taking over the 14-store La Fourmi chain in Bucharest, 7 million euros less than the value announced at the time when the transaction was signed with Global Finance. “The value of the transaction was adjusted from 19 to 12 million euros due to terms in the acquisition contract,” according to Delhaize’s financial report. Company representatives, contacted by ZF, specified that the reduction in the acquisition price was related to adjustments in working capital and net debt taken over from La Fourmi’s operator. The company was evaluated at 18.6 million euros at the time of its takeover by the Belgian retailer at the end of the first quarter of 2008, with the acquisition also including ownership rights over four of the chain’s 14 stores.