BRUSSELS -- The Delhaize Group here said it still expects the exchange of Delhaize America shares for Delhaize Group shares to be completed this spring.
speaking to investment analysts at a conference presenting Delhaize Group's results for the fourth quarter and year ended Dec. 31.
He explained the share exchange, in which the company will give 0.4 of a share of Delhaize Group in exchange for a share of Delhaize America, will make Delhaize a "more visible, more attractive company" for investors.
The exchange will also, he said, simplify the company's capital structure as well as increase share liquidity and market capitalization. According to Beckers, the exchange will enable the company to institute best practices on a global basis, particularly in regard to operational efficiencies and procurement.
Delhaize also said at the conference it will create a new management structure that will include naming five additional members to the company's board. At the May 23 shareholders meeting, the company said it plans to nominate Bill McCanless, Delhaize America president and CEO, and Hugh Farrington, Delhaize America vice chairman and Hannaford CEO, to the board. The other three members will be independents.
As for results in fiscal 2000, Delhaize Group sales rose 27% to $16.4 billion, while earnings per share increased 7.4% to $3.23.