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Business

Spar Supermarket Sells Netto Unit Stake

Spar, Germany's eighth-biggest supermarket chain, plans to sell a 50 percent stake in its discount arm Netto to its French parent company ITM Entreprises, Spar's new chairman Stephan Schelo told the Handelsblatt newspaper. "By selling the unit, we want to increase our hidden reserves and it'll mean we'll also receive three-digit-millions in financial aid from our parent company," Schelo said. The sale of the stake could raise an estimated €100 to €200 million ($120 to $140 million), the newpaper quoted sources close to Spar as saying. ITM holds a 97.3 percent stake in Spar. he sale must be approved by Netto's other shareholder, Danish supermarket chain Dansk Supermarket. Netto operates 1,178 supermarkets in Germany. (AFP)