Norwegian trading group NorgesGruppen ASA signs letter of intent to acquire majority stake in bookstores and office supplies retail operator.
Norwegian grocery retail and wholesale group NorgesGruppen ASA said on Friday (17 November) that it has signed a letter of intent to acquire a majority holding in the retail operator Bok og Kontorkjedene Norge AS.
Bok og Kontorkjedene owns Norway's largest bookstore chain Libris and the office supplies chain Kontorspar.
Libris holds a 26% market share in Norway. It has 138 stores with a combined turnover of NOK1bn.
Kontorspar has 40 outlets with a combined turnover of NOK350m.
The details of the transaction are expected to be completed in the next few weeks.
NorgesGruppen is Norway's largest trading enterprise with a 35.7% share of the grocery market. The group has over 25,000 employees and reported a turnover of NOK31.5bn in 2005.
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|Title Annotation:||Bok og Kontorkjedene Norge AS|
|Publication:||M2 Best Books|
|Article Type:||Brief article|
|Date:||Nov 17, 2006|
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