Ahold, the Dutch retailer, said on Thursday two key board members would relinquish their day-to-day management duties in Europe and the US in order to “devote more time to growth opportunities”.

The move was interpreted by analysts as a sign that the group is preparing itself for acquisitions. It had €2.6bn (£2.3bn, $3.9bn) in cash at the end of the second quarter and little debt.