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. Last Updated: 07/27/2016

Food Lion Buys Chain

BRUSSELS, Belgium -- Belgian retailer Delhaize SA said its U.S. unit, Food Lion Inc., is buying supermarket chain Hannaford Brothers Co. The firm said in a statement Wednesday it will pay $3.3 billion in equity and $300 million in cash for Hannaford.

The deal will lower Food Lion's earnings per share next year, Delhaize said. However, it anticipates making $40 million in savings through synergies.

Food Lion will become Delhaize America Inc. Delhaize owns 53.5 percent of Food Lion, by far its biggest operation. Food Lion accounts for more than 70 percent of Delhaize's sales.