Koninklijke Ahold Delhaize N.V.

Work showcase, Nové Město nad Metují, Autumn 2026: Post-merger analysis, Case study

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Executive summary: 

In July 2016, Dutch company Koninklijke Ahold N.V. and Belgian company Delhaize Group S.A. completed a "merger of equals." The primary objective of this transaction was strengthening the group's national and international market position as a response to growing competition in the discount retail sector. Expected synergies included cost savings in supply chain management, increased profitability, stronger competitive position and access to a wider customer segment. All of this due to complementary and similar economic activities of both companies (NACE: 46.39 and 47.11).

Delhaize shareholders received 4.75 Ahold shares for each Delhaize share, valuing Delhaize’s market capitalization at 9.3 billion euros. Delhaize acquired a 39% share in the new entity. Total transaction was valued at 25 billion euros. The merger was approved by the boards of directors of both companies, their shareholders, the European Commission and the Belgian government and became effective on July 24, 2016.

Tools & methods used (keywords): 

Microsoft Word, Annual reports, Accounting knowledge, Analytical thinking, Applied academic knowledge (Business economics, Industrial/Sector Economics, Financial accounting), Searching for & working with secondary data (Annual reports, European Commission (case M.7702), Mordor Intelligence, Roic.ai, Morningstar), Artificial intelligence

Valuation models & concepts: 

DCF valuation, Market capitalization, Normalized EBIT & EBITDA, Net working capital (NWC peg), Equity bridge (Enterprise Value -> Equity value)

Full version: 

Below, you can view the full version of the case study or download it as a PDF. The case study is written in Czech.