A legal challenge has been lobbed over German grocer Metro Group's demerger plans, a source knowledgeable about the matter has told Reuters.
More than 99% of group shareholders had voted to separate Metro's wholesale and hypermarket food retail business from Media-Saturn, the largest consumer electronics group in Europe. This change had been forecast to take effect by mid-2017.
The founder of the electronics giant, Erich Kellerhals, had previously said that he was considering a legal challenge to the proposed rupture.
The demerger would create ‘two strong and successful companies with a clear strategic focus’, the company said.
Reuters said that Kellerhals, who still owns 22% of Media-Saturn, regularly 'clashed' with Metro over business management.
Metro and a spokesperson for Kellerhal's holding company declined to comment on the matter.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Karen Henderson. Click subscribe to sign up to ESM: The European Supermarket Magazine.