IFIL - Alliance in Eurofind between IFIL and Auchan dissolvedMay 27, 2005
Following the sale of the 99.09% investment in Rinascente S.p.A. to
Tamerice S.r.l., Auchan and IFIL dissolved, as planned, the Eurofind
Textile S.A. joint venture.
In fact, today, the IFIL Group bought out Auchan Group’s stake, for
approximately € 349 million, in the joint venture Eurofind Textile S.A.,
which on May 6, 2005 completed the sale of Rinascente S.p.A.
As previously announced, IFIL Group’s share of the net proceeds at the
conclusion of these transactions is equal to approximately € 530 million, as
agreed between IFIL and Auchan within the framework for the sale of the
textile activities and the consequent unwinding of the joint venture set up
Starting from today’s date, the Auchan Group will operate in Italy
exclusively in the large-scale retail sector through hypermarkets,
supermarkets, shopping centers and do-it-yourself stores.