UPDATE 3-Delhaize to cut costs, grow store network by 2012

* Cost cuts of 300 mln eur by 2012

* To triple openings of budget, newer market stores

* Sees acquisition opportunities

* Refinances debt

* Shares up around 3 pct

(Adds share price, analyst comment, credit facility renewal)

By Antonia van de Velde

BRUSSELS, Dec 3 (Reuters) - Belgian grocer Delhaize (DELB.BR) aims to cut 300 million euros ($453 million) in costs by 2012, joining rivals making savings, to fund low prices and expansion in faster-growing budget stores and emerging markets.

Delhaize, which makes about 70 percent of its sales in the United States from chains like Food Lion and Hannaford, said on Thursday it would triple to 250 the openings of budget stores and shops in Greece, Romania and Indonesia in the next three years.

It said it also believed there were potential acquisition opportunities.

Delhaize's plan, outlined to investors at an event in Athens, follows a similar mix of cost-cutting and investment announced last month by Dutch rival Ahold (AHLN.AS), which also makes most of its sales in the United States. [ID:nLH641711]

Larger rivals like France's Carrefour (CARR.PA) and Germany's Metro (MEOG.DE) are undertaking big cost cutting programs as well, in part to cope with the global economic downturn. [ID:nLU887161] [ID:nL3518794]

"Our top line growth numbers have not been as buoyant, as high as some of our best-in-class competitors and we believe that is something we need and should address," said Delhaize Chief Executive Pierre-Olivier Beckers during a webcast.

Delhaize shares were up 3.3 percent by 0945 GMT, outpacing the DJ Stoxx European retail index .SXRP which was up 0.6 percent.

"It's a sensible extension of what they're already doing," RBS analyst Justin Scarborough said, adding Delhaize's move was a further headache for Carrefour, which is struggling to turn around its Belgian business.

KBC Securities upgraded Delhaize to "Buy" from "Accumulate" and raised its target price to 60 euros from 56 euros.

Delhaize, which employs about 141,000 people in more than 2,600 stores in six countries, nudged up its 2009 operating profit forecast last month as cost cutting helped the group to cope with falling food prices in the United States. [ID:nL5378383]

The group made 60 million euros in annual savings in 2008 and has said it is on track to deliver 100 million in 2009.

In Belgium, it has been winning market share from discount rival Colruyt (COLR.BR) in recent quarters.

Delhaize said it planned to expand its budget formats Bottom Dollar Food in the United States and Red Market in Europe.

It will also look at acquisitions and hopes to buy assets from bankrupt U.S. supermarket chain BI-LO after announcing it had made a $425 million bid in October.

"We're still excited about the possibilities there," CEO Beckers said.

Beckers said Delhaize had been able to renew its U.S. credit facility for $500 million, which was to mature in April 2010.

He declined to provide earnings guidance for 2010.

Delhaize shares have underperformed the DJ Stoxx European retail index .SXRP by 14 percent this year, due largely to its exposure to U.S. markets, where falling food prices have been compounded by a price war driven by world No.1 Wal-Mart (WMT.N).

At 53.26 euros on Thursday, the business was valued at about 5.4 billion euros. ($1=.6617 Euro) (Additional reporting by Mark Potter; editing by David Cowell) ((antonia.vandevelde@thomsonreuters.com; Reuters Messaging: antonia.vandevelde.thomsonreuters.com@reuters.net; +32 2 287 6810, fax +32 2 230 7710))