January 11, 2019 / 9:18 AM / 6 months ago

Ceconomy hits pause on alliance plans with Fnac Darty

FRANKFURT, Jan 11 (Reuters) - Ceconomy, Europe’s biggest consumer electronics retailer, on Friday said it was delaying plans to form an extensive business alliance with French peer Fnac Darty, in which it owns a 24 percent stake.

“We have hit pause”, a company spokeswoman said, referring to a planned European Retail Alliance, which Russia’s M.Video had also joined.

In December, Ceconomy said that it still saw the Fnac Darty stake as essential to its desire for more consolidation in the sector even though it has no imminent plans for further acquisitions. (Reporting by Arno Schuetze; Editing by Kirsten Donovan)

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