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Ahold to cut costs

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Ahold to cut costs

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Supermarket chain Ahold is planning to cut its costs by more than 350 million euros over the next three years.

The Dutch company announced that as it met forecasts with a 1.5 percent rise in quarterly operating profit. The cost cutting is intended to sharpen its competitive edge in tough US and European markets and boost the price of its shares to avoid a possible takeover bid from a rival.