Ahold selling stake in Scandinavian ICA stores

Dutch retailer Ahold selling stake in Scandinavia's ICA stores

Associated Press

AMSTERDAM (AP) -- Dutch supermarket operator Royal Ahold NV says it has agreed to sell its 60-percent stake in Scandinavian retailer ICA for 21.2 billion krona ($3.3 billion) to investment group Hakon Invest.

The deal announced Monday is subject to regulatory approval and could give Hakon full control of ICA, which operates 2,215 food stores and had sales of 96.86 billion krona ($15 billion) last year.

ICA is Sweden's largest food retailer and also operates ICA and Rimi stores in Norway and Rimi stores in the Baltics.

Ahold's operations include the U.S. supermarket chains Stop & Shop and Giant.

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