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ZAANDAM, The Netherlands - Ahold has entered into an agreement with ICA Forbundet Invest, its partner in the Scandinavian joint venture ICA AB, in which ICA Forbundet will purchase from Ahold half of the shares of ICA AB that Ahold will, in turn, purchase from the third joint-venture partner, Canica AS, under the put option exercised by Canica.
The resulting shareholdings in ICA AB after the transaction will be 60 percent held by Ahold and 40 percent held by ICA Forbundet.
Due to the mechanics of the shareholders' agreement among Ahold, ICA Forbundet, and Canica, the exact date on which the purchase of the shares from Canica or the sale of half of the shares to ICA Forbundet will take place is not known.
At this time, Ahold does not know how much it will pay for Canica's 20 percent stake in ICA AB or how much it will receive from ICA Forbundet for the shares that ICA Forbundet will purchase from Ahold.
If Ahold must pay more per share to Canica than it will receive per share from ICA Forbundet, it expects to record an expense in the profit and loss account relating to this transaction under Dutch GAAP.
As part of the agreement between Ahold and ICA Forbundet, among other things, the put arrangements in the shareholders' agreement will be abolished upon acquisition by ICA Forbundet from Ahold of half of the Canica shares put to Ahold.