USA: True Value will cease to be a cooperative

True Value is to cease to be a cooperative. The American cooperative group is selling 70 per cent of its shares to the US financial investor Acon for USD 229 mio. The remaining 30 per cent will remain in the hands of the True Value members, made up of around 3 400 hardware retailers with roughly  4 400 stores in the USA and 59 other countries. These retailers can continue to use the True Value trade mark in the future and take advantage of the services offered by the central office with regard to purchasing, marketing, e-commerce, store remodel support and staff training, and they no longer have to be shareholders to purchase products from True Value. The sale has already received the consent of the company management, but the shareholders still have to give it their blessing.