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Auchan to Merge Hungarian Subsidiaries

The Auchan group plans to merge its Hungarian subsidiaries - Auchan Magyarország Kft, Hyper Immo Kft and Del Ingatlan 2000 - and set up a new company, Auchan Magyarorszag, with net assets of Ft 49.8 billion, Auchan announced yesterday.

The merged company will have total assets of Ft 127.6 billion and liabilities of Ft 69.2 billion, according to the announcement.

The new company will have registered capital of Ft 38.5 billion.

The Auchan Group has invested around Ft 130billion in Hungary since 1996.

Auchan Magyarország showed double-digit growth in 2003, boosting gross sales to Ft 160billion.

Auchan currently has eight hypermarkets in Hungary, but aims to build 1 to 3 more each year until it has around 20.

(BBJ 09.vii.04)

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