Praktiker chief opposes sale of Eastern European operations

May 2012 - From the Print Edition

The general manager of Praktiker, Thomas Fox, is opposing calls from the German company’s two largest shareholders to sell its operations in Eastern Europe, according to German newspaper Handelsblatt. Fox said that attracting investors to buy Praktiker assets in countries such as Greece, Romania, Hungary and Poland would be difficult given the economic climate.
“We have announced that we are evaluating the portfolio. But we should show feasibility before it is desirable. Now it’s difficult to find someone who wants to invest there,” said Fox. Austrian investment company Maseltov, which owns a 10 percent stake in Praktiker, and Austrian private banking institution Semper Constantia, which holds 5 percent of the shares, want the group to withdraw from Eastern Europe.
Meanwhile, Interex, a French supermarket chain, one of the most low-profile retailers on the local market, has put up for sale the 12 stores it owns in Romania after a decade of operations. The French firm failed to sell the package chain, which had sales of EUR 58 million in 2010, so has decided to try to sell each store individually, according to market sources. Among those interested is Belgian retailer Mega Image, which has expanded aggressively in recent years.