Netherlands-based supermarket group Ahold sold last year’s e3 billion rescue rights issue to investors on a simple premise: its US food distribution arm, which had been hit by an accounting scandal, could be turned around and made to perform more like its great rival Sysco. This seemed a better option than a distressed sale of the business.
If Sysco’s results were any guide, Ahold’s investors could expect a juicy return on their rescue investment. After all, the US group’s 5% operating profit margin is the envy of other food distributors.
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