Tuesday, November 1, 2016

Gabriel celebrates the Emperor’s agreement, important questions remain open – THE WORLD

Im Drama of the supermarket chain Kaiser’s Tengelmann has announced the Federal Minister of Economics Sigmar Gabriel (SPD) made a breakthrough that will this time be final. In the arbitration process under the leadership of former Chancellor Gerhard Schröder (SPD) had made the parties reached agreement on the key points. The 15,000 jobs at Kaiser’s to be secured, said Gabriel: “sellers, butchers, warehouse workers, drivers, administrative employees and all other employees of Kaiser’s Tengelmann can celebrate Christmas without fear for their jobs.” The participating companies were first, but Gabriel was optimistic: “I do not assume that there can be any stumbling block for the enforcement of the arbitration agreement.”

has not been shared circles In negotiation, this assessment generally. “Gabriel has a rose-colored point of view,” said one Insider. Although it was confirmed that an agreement on the key points had been reached. Then Edeka is to focus on the parts of the branch network in Bavaria and Rewe parts of Kaiser’s in Berlin. The negotiations on the Details were, however, riddled with many hurdles.

According to the “world” to Rewe, Kaiser’s-get shops in Berlin, which together account for around 20 percent of Kaiser’s revenues. The business is, however, not least due to the for over two years-running takeover battle dropped dramatically. Sales fell from EUR 2.3 billion in 2014 to an expected 1.5 billion euros this year. The number of branches is currently only 405. In the case of the registration of the Acquisition by Edeka in November 2014, there were 451. Rewe throbs according to information from the negotiating circles, in this downside scenario, a healthy mix of the Berlin branches. What are the supermarkets but go to Rewe, had not yet been decided.

Also, the purchase price is not agreed between the parties. Currently, a group of business deals auditors in order to develop a new base. Clear seems to be that the ongoing business has pressed slump in the value of the Tengelmann subsidiary. No compromise is achieved by Edeka and Tengelmann and Rewe, on the other hand, so far beyond the point of dispute, as the costs for the continued operation or other Workplace to farming in the uneconomic, in addition to operated by Kaiser’s distributed.

He was the arbitrators grateful for the obtained principle of compromise, said Gabriel. Up to 11. November should pull Rewe now his lawsuit against the Ministerial approval. But whether it goes so fast, is open. “Rewe is on the way to the withdrawal of the Claim, but still not on target,” said a with the processes at Rewe familiar Person. With a possible withdrawal of related issues would need to be clarified. Whether or not this is within a few days, remain to be seen.

Should take back Rewe his before the higher regional court of Düsseldorf submitted a lawsuit in fact, free would be purely legal and the way for the completion of Gabriel’s special permission to Edeka. After previously the Discounter Norma, and the trade service providers Significantly had taken their complaints – apparently in return for financial compensation – Rewe lost all of his comrades-in-arms against the Minister’s permission. “Now it is clear that the agreement is fully executed on the Basis of the Minister’s permission,” said Ver.di chief Frank Bsirske.

Whether it can be done on the Basis of the Ministerial approval for the participation of Rewe, is likely to lead to fierce discussions among competition lawyers. In the application for Ministerial approval there was no talk of a participation of a third party, such as Rewe – you should be avoided. Edeka CEO Markus Mosa and Tengelmann-holder Karl-Erivan Haub had presented their Plan for a complete takeover always as the only alternative.


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