Founder Baldauf exits CBA

Retail

László Baldauf, the co-founder and owner of local supermarket chain CBA, is selling his remaining share in the company, according to daily newspaper Népszava. The package will be acquired by other CBA owners.

Baldauf had already started laying the groundwork for exiting his business last year. The 76-year-old owner is preparing his retirement, and as a first step, earlier sold the operating rights of seven CBA stores to competitor Lidl. Some reports hinted at negotiations with the Spar chain to buy the operating rights of the remaining stores, but this has not been confirmed.

Now it has been announced Baldauf is selling his remaining stake to six other CBA owners for HUF 50 million each, totaling HUF 300 mln. The transaction will still have to be approved by a shareholdersʼ meeting due today.

Baldauf was long seen as an ally of the ruling party Fidesz, which wants more Hungarian ownership of supermarkets. The decision to sell the rights to operate some of CBA’s best store sites to Lidl was described by Kristóf Szatmáry, the government commissioner for trade policy, as a "stab in the back."

ADVERTISEMENT

Századvég raises GDP forecast to 7.8% Analysis

Századvég raises GDP forecast to 7.8%

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New editor-in-chief at Betone Studio Appointments

New editor-in-chief at Betone Studio

BFK developing regional cycling strategy City

BFK developing regional cycling strategy

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.