Royal Ahold NV, the owner of Stop & Shop stores in the U.S., agreed to buy Spar AG’s business in the Czech Republic for 5.25 billion koruna ($266 million) to become that country’s largest food retailer.
Royal Ahold NV, the Dutch owner of the Stop & Shop chain, left open the possibility of acquisitions as it considers how to utilize cash raised from the $3.1 billion disposal of its stake in Swedish retailer ICA.
Royal Ahold NV Chief Executive Officer Dick Boer said the company has the financial means for growth and is waiting for the right opportunity and the right time for an acquisition, NRC Handelsblad reported.
Royal Ahold NV shares fell the most in more than a year after the biggest Dutch retailer said it has been losing market share in the Netherlands and a plan to redistribute cash to shareholders fell short of some analysts’ expectations.
Royal Ahold NV, the Dutch owner of the Stop & Shop supermarket chain, quadrupled a share buyback to 2 billion euros ($2.6 billion) to redistribute excess cash following the sale of a stake in Swedish retailer ICA.
Royal Ahold NV, the Dutch owner of Stop & Shop grocery stores, is likely to redistribute some of the 20 billion kronor ($3.1 billion) proceeds of its ICA stake sale to shareholders as it shies away from large acquisitions.