Bulgaria's competition watchdog CPC gave on Wednesday the green light for the sale of a 100% stake in supermarket chain Piccadilly to Delta Maxi, a unit of Serbian group Delta Holding.

Delta Maxi was not present on the Bulgarian market prior to the deal and its acquisition of Piccadilly chain would not influence the market in a negative way, CPC said.

The sale was finalized in the middle of September, when a contract was signed by the Chief Executives of Piccadilly and Delta Maxi Stefan Kossev and Dragan Filipovic.

Financial details of the transaction were not disclosed, but representatives of the two companies commented that parameters of the deal price have been settled on and it will be finally agreed in 2009.

The acquisition of a majority stake in a company in Bulgaria, member of the European Union since January 1, 2007, makes Delta Maxi the first Serbian company to step on the single market.

The Serbian company is to invest EUR 70 M and create 2000 new jobs over the next two years.

Piccadilly, which currently operates eleven stores in the country, plans to open another twenty in the near future and increase its market share up to 20-25%. The chain turnover for this year is expected to total EUR 110 M.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!