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"With this acquisition we can make Rimi's position stronger in the market and it will increase our competitiveness. Today Rimi has 8% market share and Iki has 15%. After the acquisition the overall market share will be 23%. We will also try to lower the prices," Sesemann told a Vilnius news conference on Friday.

In his words, Rimi decided to purchase Iki, as its current market share is too low for efficient competition with other players of the retail market.

Maxima currently has the biggest market share in Lithuania, followed by Iki, Norfa and Rimi, with Aibe operating a grocery retail chain in smaller towns. Germany's Lidl came to the market in June, currently operating 22 stores across the country.

In his words, Lidl's accession had a minimum impact on the deal.

Earlier on Friday, Sweden's ICA Gruppen said that Rimi Lietuva had signed a contract with Palink, the operator of the Iki chain, on acquisition for 213 mln euros. The Iki network currently includes 235 stores, with plans to open seven new shops and renovate nine in 2017. Rimi currently operates 56 stores in Lithuania.