Sklaveni­tis can­cels Veropou­los deal

Kathimerini English - - Focus - DIMITRA MANIFAVA

The widely an­tic­i­pated ac­qui­si­tion of the Veropou­los su­per­mar­ket chain by ri­val Sklaveni­tis has been can­celed, five months af­ter the for­mal an­nounce­ment of the deal. Veropou­los is now in talks with an­other chain, Metro, for a pos­si­ble takeover agree­ment next month.

The drop in Veropou­los’s turnover fol­low­ing the in­tro­duc­tion of the cap­i­tal con­trols this sum­mer fur­ther ag­gra­vated the chain’s dire financial po­si­tion. This is said to have led Sklaveni­tis to its with­drawal from the ac­qui­si­tion of the ri­val chain, ac­cord­ing to wellinformed sources from the bank­ing sec­tor, al­though there has been no com­ment yet from Sklaveni­tis.

Veropou­los is now in dis­cus­sions with Metro, owned by Aris­totelis Pan­teliadis, for the sale of Veropou­los’s ac­tiv­i­ties in Greece, just as was the case with Sklaveni­tis. Even the new can­di­date buyer ap­pears re­served though: “The talks are at an ex­ploratory level. Noth­ing has been agreed to date,” Pan­teliadis told Kathimerini.

For the takeover of Veropou­los by Metro to go ahead, the lat­ter will have to re­sort to bor­row­ing, given Veropou­los’s big debts, which Metro doesn’t have the cap­i­tal to cover. It is no co­in­ci­dence that bank of­fi­cials con­sider a deal be­tween Veropou­los and Metro as rather un­likely.

Veropou­los saw its turnover drop fur­ther due to the cap­i­tal con­trols in­tro­duced this sum­mer.

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