Ahold gears up for M&A with management rejig

* Heads of US, Europe units take more strategic roles

* Shares up 5.9 percent, helped by strong Delhaize results.

LONDON, Nov 5 - Dutch grocer Ahold is freeing up two of its most senior executives from day-to-day management operations, fuelling speculation it is stepping up the search for acquisitions.

Ahold, which makes over half of its revenues in the United States, said on Thursday it was appointing Sander van der Laan, a senior manager in one of its U.S. businesses, to head its Dutch market leader Albert Heijn.

This will give more time for Dick Boer, the head of its European business, to focus on strategic initiatives.

Similarly, Carl Schlicker will become chief executive of Ahold's U.S. divisions, freeing-up time for the overall head of its U.S. business, Lawrence Benjamin.

"The changes will ... allow Dick Boer and Larry Benjamin to devote more time to growth opportunities in existing and new markets," Ahold said in a statement.

Credit Suisse analysts said the moves were "the clearest sign yet from the company that it is considering acquisitions and is seeking to expand the group."

Noting that Ahold has nearly 3 billion euros ($4.5 billion) of cash and little net debt, they predicted the group would make at least one large acquisition in the near future, most likely a mid-sized competitor in the United States.

Ahold shares have lagged the DJ Stoxx European retail index by around 20 percent this year, largely due to its exposure to tough U.S. markets.

This has fuelled speculation the group itself might become a takeover target.

ING analysts said on Monday Ahold could be an attractive target for Tesco to strengthen its presence in western Europe and add a successful, established business in the United States to its own fledgling operations there.

At 1110 GMT, Ahold shares were up 5.9 percent at 9.22 euros, helped by a strong trading update from Belgian grocer Delhaize which also does most of its business in the United States.