Serbia's Delta Acquires 100% in Bulgarian Retail Chain

Delta Maxi, a unit of Serbian group Delta Holding, has finalized the acquisition of the remaining 15 % of the Bulgarian company Piccadilly stock, the company annoucned.

This made the Serbian company, part of the country's largest privately held enterprise Delta Holding, the sole owner of the retail chain.

"Further investments in facility development and service quality improvement await us in the coming period so that we could consolidate Piccadilly's position as the best place to shop in Bulgaria," the company's General Director Dragan Filipović said.

Delta acquired 85% stake in Piccadilly in 2007 under a contract that provided for the purchase of the remaining 15 % within the next two years.

Delta Maxi has invested over EUR 70 M in Piccadilly thus far, and is expected to spend a further EUR 150 M.

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