The week in business: 29 August
Bank mergers, micro-brews and a summary of the rest of the week's business news
Banking – Degroof
The new entity would manage €40 billion of deposits and employ 1,400. Degroof had been in talks earlier to acquire the local activities of the Swiss UBS bank but is believed to have been discouraged by the numerous disputes with tax authorities.
Bakery – Ladurée
The French pastry group known for its fluffy macarons is opening a store on the Grote Zavel in Brussels later this year.
Bicycles – Ridley Bikes
Taiwan’s Ideal Bicycle Corporation and Limburg investment firm LRM have acquired stakes in the Beringen-based producer of high-end racing bikes that equips several professional teams.
Brewing – Palm
Palm brewery, based in Londerzeel, Flemish Brabant, with four production units in Flanders, is starting up a micro-brewery in nearby events centre De Hoorn to experiment with more artisanal crafted beers. The company also recently launched the 8.5° oak-aged Cornet.
Football – KV Kortrijk
The middle-ranked first division club valued at €1.4 million has been put up for sale by the local Degrijse family. Analysts say that the club, which has no debt but does has difficulties keeping its best players year after year, should attract significant interest. The owners have pledged not to sell to foreign investors.
Imaging – Agfa Gevaert
The Agfa Gevaert imaging group, based in Mortsel, near Antwerp, is seeking opportunities to invest some of its €144 million cash on hand.
Plastics – Deceuninck
The Roeselaere-based producer of PVC window frames and doors is investing €20 million to acquire the Pimas group, Turkey’s market leader. The move strengthens Deceuninck’s position in the area, including in Russia where Pimas operates a production unit in Rostov. Meanwhile, the company will increase its capital by €50 million to finance its acquisition and fund further expansion.
Retail – Scapino
The 24 shoe stores located mainly in Flanders are to close following the sale of the chain by the Dutch Macintosh group to DFM Participaties. The outlets will reopen on 1 October as Fashion Market offering brand-name clothing.
