Axel Johnson buys Spar Finland

Eurofood, April 22, 1999

Swedish consumer goods group Axel Johnson has acquired a 15% stake in the stock of Spar Finland, becoming the Finnish group's second-largest shareholder. At the same time, Mantica, a subsidiary of Merita Bank, has decreased its stake from 40% to 25% and struck a deal with Axel Johnson AB to exercise shareholder voting rights in common agreement. Moreover, the seller and buyer have also agreed on the transfer of most of Mantica Oy's remaining shares to Axel Johnson AB by 30 June 2001.

Axel Johnson AB is part of the Axel Johnson group, which operates in 25 countries and has more than 14 000 employees. Overall group turnover in 1998 totalled SKr40bn (??4.5bn). Axel Johnson AB focuses primarily on food retailing, but is also involved in other retailing activities as well as importing and distribution. Its turnover in 1998 was SKr26bn. The acquisition will allow Axel Johnson AB to open the first food retail stores in Sweden based on the Spar concept. Sweden is the only Nordic country where the world's largest food retailing chain has not yet established a presence. When news of the deal broke, Spar Finland and its new Swedish owner both emphasised their commitment to investing in the SPAR operation and brand name.