Word: tengelmann
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Dates: during 1979-1979
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...your article on the offer by West Germany's Tengelmann Group to buy A&P stock [Jan. 29], you observed that "the German company can certainly teach A&P much." Why? Whatever happened to "Grandma...
...John and George had entrusted her. After the company had lost more than $50 million in 1973 alone, in desperation a president, Jonathan Scott, was brought in from outside, and he has made heroic efforts to turn it around. But as you suggest, the resources and prestige of a Tengelmann may well prove the decisive factor...
...Great Atlantic & Pacific Tea Co., whose $7.2 billion in sales make it the nation's third largest supermarket chain (after Safeway and Kroger). Last week one of West Germany's largest food retailers unexpectedly took the 120-year-old company at its word. The private Tengelmann Group made a friendly deal to pay $78.5 million to four holders of A & P stock, including heirs of the founding Hartford family,* for their 42% controlling interest in the ailing giant...
...Tengelmann's offer of about $7.50 a share, a small premium over the prebid market price of $6.75, values the company at $186 million. That is peanuts to pay for a stock that hit $39 a share eleven years ago, for all the remaining operating outlets, and for assets that have a book value of $17.50 a share-$434 million in all. A&P also has a huge net inventory of food and other salable goods; at last count, that was worth $300 million...
...Tengelmann is not shopping for cheap hamburger and canned corn to ship back to Germany. Erivan Haub, 46, the hereditary sole owner of the company, noted that he saw in A & P "an opening to the U.S. market where Tengelmann experience can be put to profitable use." Haub, who trained with the Chicago-based Jewel supermarket chain, promised to stay out of day-to-day operations and hinted, to the delight of A & P directors, that he might supply much needed capital. A full hands-off policy is neither likely nor desirable. Noted one U.S. food-chain executive in Hamburg...