Musgrave Group, Irelands largest food and grocery distributor, has announced that it has received acceptances in respect of 91.2 per cent of the shares in Budgens which it does not already own.
Accordingly, Musgraves offer has been declared wholly unconditional, and Musgrave will now proceed to secure complete ownership of Budgens.
Commenting on the announcement, Hugh Mackeown, Chairman, Musgrave Group said that the purchase of Budgens was parter of a wider strategy of expansion outside of Ireland.
Seamus Scally, Group Managing Director said the purchase would not hinder the development of operations in the home market.
"Currently, we are in the process of looking to develop additional sites to add to the 565 store network of SuperValu/ Centra stores nationwide and we will continue to invest in our Cash & Carry business," he said.
Eoin McGettigan, who is a board member of both Musgrave Group and Budgens, will take up the full time position of Executive Chairman,
Musgrave Group recently announced record financial results for the year ended 31st December 2001. During the period turnover increased by 12.8 per cent to 2.27bn while group operating profit increased by 38.3 per cent to EUR57.33m.
The group is one of the largest private companies in Ireland with 15,000 people being employed directly by the group or by its retail franchisees.