During the last two years, the Migros Group has acquired and sold various companies. These transactions have interrelated effects on the income statement and balance sheet. Transactions carried out in the 2009 financial year included the following:

The Federation of Migros Cooperatives announced the acquisition of a 49 per cent share in German retailer Gries Deco Holding GmbH, Niedernberg (Germany), on 22 January 2009. Gries Deco runs 145 stores in Germany and Austria, selling home accessories, decorating products and smaller items of furniture under the name of “Depot”. This investment, which is to be expanded in the medium term, will also create synergy potentials for Interio. Gries Deco Holding GmbH was included as an associate from 1 January 2009.

Migros Cooperative Lucerne took over full ownership of the four training centres of TC Group Innerschweiz AG, Sursee, as of 1 January 2009. The TC Group’s fitness centres are more focused on families and are an optimum fit with the Cooperative’s four existing fitness parks. The TC Group was consolidated as of 1 January 2009. The company has been allocated to the Cooperative Retailing segment.

On 30 December 2009, Bischofszell Nahrungsmittel AG acquired 98 per cent of the equity of Weisenhorn Food Specialities GmbH, Frastanz (Austria), through a capital increase. Weisenhorn manufactures fresh produce/ convenience products. As a result of this move, Bischofszell Nahrungsmittel AG has increased its product range in a growing segment and improved its access to the important European market. The company was consolidated as of 1 October 2009. It has been allocated to the Industry & Wholesaling segment.

The Hotelplan Group sold several small investments in the 2009 financial year (for details see Note 45).

The effects of the extension of the consolidation group on the Migros Group or the individual segments (from the date of consolidation) are shown below:

During the 2008 financial year mainly the following companies were acquired:
Mifroma SA, the cheese processing company of Migros, acquired 85 per cent of the shares of Emil Dörig Käsehandel AG as of 6 August 2008. The acquisition opens up opportunities for Mifroma to expand sales of cheese specialities from Eastern Switzerland as well as Appenzeller cheese, in particular, in Switzerland and abroad. Mifroma SA acquired a call option for the remaining 15 per cent of the shares. The Competition Commission approved the acquisition on 9 October 2008; the company has been consolidated as from 1 November 2008. The company was allocated to the segment Industry & Wholesaling.

Hotelplan Holding AG acquired 51 per cent of the shares of the Russian Ascent Travel Group and a call option for the remaining shares as of 28 February 2008. Ascent Travel is the definitive market leader in Russia’s growing ski travel market. With the acquisition, Hotelplan continues its strategy of acquiring specialists in active value-added markets and complements Inghams Travel, the leading British ski operator, which is also a member of the Hotelplan Group. The company has been consolidated as from 1 March 2008. The company was allocated to the Travel segment.

No companies were sold by the Migros Group during the 2008 financial year.