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24 Jul 2007
The Otto Group has sold the remaining shares in four of its European Actebis subsidiaries to Arques Industries.
Arques Industries has acquired Actebis Peacock in Germany, and Actebis in France Austria and the Netherlands - which between them employ 1,300 people and achieved turnover of Euro 2.5bn in the last financial year. The financial details of the transaction were not disclosed.
Earlier this year, Actebis withdrew from the UK distribution market on the back of declining sales (CRN, 21 May), and flogged its Spanish and Italian subsidiaries, sparking rumours that parent company Otto Group was planning to sell the remaining European business.
Otto Group revealed it now intends to focus on its core business of 'multi-channel retail' and 'commercial services' and withdraw from the distribution scene completely.
In a statement, Otto Group said: "Completion of the deal with Arques now means that the divestiture programme is almost entirely complete. Work is currently underway to find the best possible solution for the one remaining Actebis national unit in Switzerland."
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