BERLIN — The German antitrust authority, Bundeskartellamt, has given the green light to the takeover of the Karstadt department store group by Austrian real estate company Signa.
The decision was reached less than a week after Signa acquired the remaining 24.9 percent stake in the Karstadt Premium and Sport stores, as well as 100 percent ownership of the 83 Karstadt department stores from Nicolas Berggruen.
“Ultimately, we have a situation where one investor is being replaced by another,” remarked Andreas Mundl, Bundeskartellamt president.
He added the “market position of the individual Karstadt department stores has not changed from a competitive standpoint” by the takeover by Signa, which is also Karstadt’s largest landlord with ownership of 20 Karstadt retail properties.
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