Key Developments: Koninklijke Ahold NV (AHONY.PK)
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Latest Key Developments (Source: Significant Developments)
Koninklijke Ahold NV Quadruples Share Buyback To EUR2 Billion-Reuters
Reuters reported that Koninklijke Ahold NV quadrupled the size of its planned share buyback to EUR2 billion ($2.61 billion) as it rewarded shareholders with most of the gains from the sale of a stake in Nordic group ICA. The total buyback, originally set at EUR500 million, now represents some 15% of the group's share capital and follows the $3.1 billion sale of a 60% stake in ICA completed in March. Full Article
Hakon Invest AB Completes Acquisition of ICA from Koninklijke Ahold NV
Hakon Invest AB announced that the company has completed the acquisition of the remaining 60% of the shares in ICA from Koninklijke Ahold NV, in accordance with the agreement announced on February 11, 2013. ICA is thus 100% owned by Hakon Invest. The acquisition is being financed by existing liquid assets and secured bridge financing from Handelsbanken and Nordea. Part of the bridge financing will be repaid via an underwritten new share issue to Hakon Invest shareholders amounting to around SEK 5 billion. ICA-handlarnas Forbund and Industrivarden have undertaken to subscribe for new shares in the issue in proportion to their shareholdings in Hakon Invest of 51.3% and 10% respectively of all the shares, and also to underwrite the remainder of the new share issue. Hakon Invest’s Board is expected to resolve upon the new share issue in conjunction with the publication of the interim report for January - March 2013 on April 29, 2013. This means that the subscription period for the share issue is expected to be completed by the end of May 2013. Full Article
Hakon Invest AB Updates on Acquisition of Stake in ICA from Koninklijke Ahold NV
Hakon Invest AB announced that the Swedish Financial Supervisory Authority (the SFSA) has due to Hakon Invest's planned acquisition of the remaining shares in ICA from Koninklijke Ahold NV performed an ownership assessment relating to Hakon Invest's ownership in ICA Banken. The SFSA's ownership assessment did not result in any remarks which mean that the pending change in ownership of ICA is approved. The SFSA's approval of the ownership changes in ICA Banken was one condition in Hakon Invest's agreement with Ahold on the acquisition of the remaining 60 % of the shares in ICA. Hakon Invest has previously received approval from the competition authorities in Sweden and Norway regarding the acquisition. The Association of ICA Retailers' members' meeting has also approved the Association of ICA Retailers' participation in the planned new issue in Hakon Invest. Since the SFSA's ownership assessment relating to ICA Banken has been completed, all the conditions in Hakon Invest's agreement with Ahold on the acquisition of the remaining shares in ICA have been met. This means that Hakon Invest will complete the acquisition of ICA and that ICA will thereby become a wholly owned subsidiary in the Hakon Invest Group. The acquisition is expected to be completed on March 27, 2013. Full Article
Koninklijke Ahold NV Commences EUR 500 Million Share Buyback Program
Koninklijke Ahold NV (Ahold) announced the commencement of the EUR 500 million share buyback program announced on February 28, 2013 and expected to be finalized within 12 months. The purpose of the share buyback program is to return value to shareholders. The program will be executed by intermediaries allowing the execution of share repurchases in the open market during open and closed periods. The Company may cancel all or part of the common shares acquired through the program. Full Article
Mr. Rene Dahan Intends to Step Down as Chairman of Supervisory Board of Koninklijke Ahold NV
Koninklijke Ahold NV announced that Mr. Rene Dahan intends to step down as Chairman of the Supervisory Board of the Company in October 2013. Further details were not disclosed. Full Article
Koninklijke Ahold NV Increases Dividend To Buy Back EUR500 Million Of Shares-Reuters
Reuters reported that Koninklijke Ahold NV (Ahold ) has increased its dividend and pledged to buy back EUR500 million ($655.5 million) of shares after its fourth-quarter results came in just above expectations. Ahold will pay a dividend of EUR0.44 per share, up from EUR0.40 a year earlier, and will start the buy-back programme over the next 12 months, the group said. Full Article
Koninklijke Ahold NV Sells Stake In ICA To Hakon Invest AB-DJ
Dow Jones reported that Koninklijke Ahold NV has reached an agreement on February 11, 2013, with Hakon Invest AB concerning the sale of the Company's 60% stake in ICA for SEK 21.2 billion in cash. The amount of SEK 1.2 billion for dividends over fiscal year 2012 is included. The transaction is subject to approval by regulators, and the approval of the ICA Retailers' Association (ICA Forbundet) of the financing of the transaction. The transaction is expected to be completed mid 2013. Full Article
Koninklijke Ahold NV's ICA Norway Enters Cooperation Agreement with Norgesgruppen; to Cut Jobs
Koninklijke Ahold NV announced that Ica Norway has entered into a cooperation agreement with Norgesgruppen in the areas of sourcing and distribution. The cooperation agreement coordinates distribution and logistics between ICA Norway and Norgesgruppen's wholesale company, Asko. ICA will retain distribution in Oslo, Akershus, Ostfold and parts of Buskerud, Vestfold, Hedmark and Oppland. In total, this represents over 40% of distribution volume. ICA will also retain the warehousing operations in Oslo. The cooperation with Norgesgruppen will take effect on April 1, 2013. The cooperation will affect reductions of approximately 350 positions at ICA Norway's purchasing and logistics departments. One-time costs related to these changes are estimated at approximately NOK 150 million and will be charged against ICA Group's results for the first quarter of 2013. Full Article
Koninklijke Ahold NV to Appoint New Auditor
Koninklijke Ahold NV (Ahold) announced that its Supervisory Board will recommend at the April 2013 Annual General Meeting of Shareholders to appoint PwC as the Company's auditor with effect from the 2013 financial year. This recommendation follows from a tender process that Ahold has conducted in line with its views on good corporate governance. The Company's current auditor, Deloitte, remains in place for the audit of the 2012 financial year. Full Article
Koninklijke Ahold NV to Explore Strategic Alternatives for Jointly Held Interest in ICA
Koninklijke Ahold NV (Ahold) announced that it is exploring strategic options regarding its 60% holding in ICA, the Scandinavian retailer. An IPO on NASDAQ OMX Stockholm in Sweden is one of the alternatives being considered. Ahold and Hakon Invest AB (Hakon) of Sweden jointly share controlling interest over ICA. During the review, which is expected to take 6-12 months, Ahold will continue to work closely with Hakon in order to create the conditions for ICA to continue to grow and achieve its goals. ICA is a food retailer in Sweden. It also operates ICA and Rimi stores in Norway, and Rimi stores in the Baltics. Full Article
UPDATE 1-Ahold quadruples share buyback to 2 bln euros
* Dutch margins down to 5.3 pct from 5.7 pct in 2012 (Adds details on U.S., Dutch operations)
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