XXXLutz in 200mn Lesnina deal
Austrian furniture megastore chain XXXLutz has coughed up around 200 million Euros to snatch up a Slovenian competitor, it has been claimed.Business dailies report today (Thurs) that XXXLutz which has around 17,000 employees transferred between 150 and 200 million Euros to Lesnina owners to take over the company in full.Bosses at the company which has its headquarters in Wels, Upper Austria, and Lesnina chief Bojan Papic refused to reveal any details of the deal which was announced yesterday. Cartel authorities are now set to look into the takeover.Fifteen other firms from all over the world were interested in buying the furniture firm which has a 25 per cent share in the Slovenian market but also runs branches in Croatia and Serbia.XXXLutz, one of Austrias biggest companies, has recently opened a string of megastores in Germany. The firm also manages shops in several Central and Eastern European (CEE) countries.