Expectation of further market consolidation in Germany

As executive chairman of Praktiker Bau- und Heimwerkermärkte Holding AG, Wolfgang Werner predicts there will be a continuing process of consolidation in the German DIY retail sector, following the integration of Max Bahr into the Praktiker group of companies and the takeover of the Marktkauf DIY stores by Rewe. This development is to be welcomed, said Werner at the company's general meeting in Saarbrücken, "Because it will also increase the likelihood that the existing surplus capacity will be cut and the margins become more acceptable through gains in efficiency." In fact, a consolidation drive would be good for all participants in this market. "We will definitely have our say in the matter whenever the opportunity arises. We have the financial possibilities and the know-how for further takeovers," declared the chairman of Praktiker.