Dutch grocer Royal Ahold (NL:AH) and Belgian rival Delhaize have agreed to merge, sealing a deal worth €25bn (£17.80bn). The newly-enlarged company will be the fifth-largest retailer in the US and Europe's fourth-largest retailer, serving in excess of 50m customers a week.
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The deal is structured as a takeover. Shareholders in Ahold will own 61 per cent of the combined company’s shares, while Delhaize shareholders will own the remainder and will receive 4.75 Ahold ordinary shares for each Delhaize share they already own.
