The German retail and distribution giant Rewe is pulling out of the Swiss retail market by selling the cut-price supermarket chain Pick Pay to its Swiss rival Denner, the groups said Monday. Rewe and Denner did not disclose the amount paid for Pick Pay, but Swiss newspapers reported Sunday that the transaction was worth 50 to 70 million Swiss francs (32 to 45 million euros). Rewe entered the Swiss market in June 2003 by taking a joint stake in the Bon Appetit group, but has gradually let go of the group's retail businesses. Denner said in a statement that it would integrate the Pick Pay stores, boosting its network in Switzerland from about 500 outlets to more than 700 and increasing its bargaining leverage with suppliers. Swiss supermarket chains have been bracing themselves for the arrival of major German discount stores like Aldi on their home market. Rewe said it saw no opportunity to develop the Pick Pay network profitably.