Deal reached to safeguard jobs at German supermarket chain

Markets Associated Press

Germany's vice chancellor says a deal has been reached to save thousands of jobs at a supermarket chain.

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Monday's announcement came after ex-Chancellor Gerhard Schroeder was called in as an arbitrator in the months-long dispute over Edeka's disputed takeover of Kaiser's Tengelmann.

Details were sketchy, though Vice Chancellor Sigmar Gabriel indicated that all of Kaiser's 15,000 employees will keep their jobs and concessions were made to supermarket rivals.

In March Gabriel, who is also economy minister, overrode antitrust authorities' decision to block the takeover by Edeka — Germany's biggest groceries retailer — of over 400 supermarkets belonging to the smaller Kaiser's amid concerns over the size of the merged entity. A court suspended his decision.

Gabriel said the agreement will see rivals withdraw their lawsuits against the planned merger.