Eurocash extends Mila takeover deadline

WSE-listed FMCG distributor Eurocash extended the deadline to finalize the takeover of supermarket chain Mila by one week to September 15, Eurocash said in a market filing, without giving a reason for the extension. Back in April, Eurocash signed a letter of intent to buy 100 percent stake in Mila from Argus Retail Holding, Elbrus investment fund, Robert Kasner, Robert Zaleski, and Stanislaw Sosnowski. The parties have agreed preliminarily on the basic terms of the transaction. At the end of 2016, Mila's network operated 188 branches. Mila's sales in 2016 amounted to PLN 1.49 billion and EBITDA amounted to PLN 4.8 million.