On 28 December 2011, the Auchan and Louis Delhaize groups announced the signature of an agreement for the acquisition by Auchan Hungary of Magyar Hipermarket and the property related to the operations of Cora's seven hypermarkets and the adjoining shopping malls in Hungary. The agreement is subject to approval by the Hungarian competition authorities. Provided such approval is obtained, the transaction is expected to complete in the first quarter of 2012.

Magyar Hipermarket opened its first hypermarket in 1997 under the Cora banner. It currently has three stores in Budapest and its suburbs (Budakalasz, Fot and Törökbalint) and four in other cities (Szolnok, Miskolc, Szeged and Debrecen). It has 2,700 employees.

The Auchan Group currently has 12 hypermarkets and 11 shopping malls in Hungary. Auchan Hungary opened its first store in 1998 and, in 2010, served 30 million customers (till receipts) generating revenues of HUF224 billion (€816.4 million). It has 5,600 employees.

Peter Rhodes (Corporate/Securities, London) advised the Hungarian legal advisers to the Auchan Group in connection with certain English law matters arising in connection with the acquisition.