Auchan buys Rinascente's Food and DIY operations

Auchan has announced that it is to purchase the food and DIY operations of Italian retailer Rinascente for around EUR1 billion. Auchan already owns 50 percent of the operations through its stake in Eurofind, a holding company, a will purchase the remaining stake from its holding partner IFIL. Rinascente's department store operations are expected to be sold through a bidding process early next year.