Musgrave Group completes sales negotiations with Superquinn
A deal has been agreed that will see the Musgrave Group takeover Superquinn.
The Musgrave Group has completed business negations with Superquinn in a deal that will see it become Ireland's biggest grocer.
According to the Irish Independent, the cost of the sale is around €100 million (£88 million), which represents a significant decrease from the €400 million spent on it the last time it was bought.
Musgrave already owns the Centra, Supervalu and Mace supermarket chains and so alongside Tesco and Dunnes, there is a monopolisation of the market as they have 70 per cent of the sector.
This agreement - which may have been achieved through the use of negotiation skill - is expected to bring Musgrave's market share above 30 per cent.
Irish Farmers Association president John Bryan cautioned that prices could be lowered for producers as a result.
"This underlines the urgency around the introduction of a code of practice, which must provide equity for primary producers in the food supply chain," he added.
Posted by Edel Quinn