Ahold has unveiled a recovery strategy that has seen it abandon plans to sell US Foodservice.

Anders Moberg, chief executive, has said selling US Foodservice would lead to massive destruction of shareholder value. Moberg added that Ahold would spend 18-24 months restoring value and rebuilding the US unit before deciding its future.

The strategy will focus on US Foodservice and Ahold's European and US retail operations. Moberg said: “We have tried to be everything to be everybody. This lack of focus has had a drastic impact on our cost base.”

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