EU Approves Schuitema Buyout

BRUSSELS (Reuters) – British private equity firm CVC Capital Partners [CVC.UL] has won European Commission clearance to buy a 73 percent stake in retailer Schuitema (SUTN.AS: Quote, Profile, Research, Stock Buzz) from Dutch supermarket group Ahold (AHLN.AS: Quote, Profile, Research, Stock Buzz).

CVC owns Leaf, a supplier of confectionary products sold by Schuitema.

“Even if Leaf is one of the most important suppliers of sugar confectionary products in the Netherlands, it faces strong competition from other sugar confectionery producers,” said a statement issued on Thursday by the Commission, the European Union's top competition regulator.

Ahold said in a statement in April it would receive 185 million euros ($290 million) in cash for the stake along with real estate and 58 Schuitema stores that it will add to its Albert Heijn chain. (Reporting by David Lawsky; Editing by Dale Hudson)