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Retail

Metro AG Faces Shake-Up Of Shareholder Structure

By Steve Wynne-Jones
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Metro AG Faces Shake-Up Of Shareholder Structure

German retailer Metro AG faces a shake-up of its shareholder structure, as Ceconomy announced that it may join family-owned Haniel in selling a stake in the German retailer to an investor group led by Czech billionaire Daniel Kretinsky.

Ceconomy said on Monday that it was in talks to sell most of its 10% stake in Metro to investor group EP Investment, represented by Kretinsky.

"A decision whether and under which terms and conditions a share purchase agreement might be concluded has yet not been taken," Ceconomy said via a statement.

Share Price Impact

Shares in Metro rose by 5.1%, to the top of Germany's mid-cap index in early Frankfurt trading, while Ceconomy was up by 3%.

Investment group Haniel had said on Friday that it had agreed to sell a 7.3% stake in Metro to an investment vehicle of Kretinsky and Slovak investor Patrik Tkac for an undisclosed sum.

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Under the terms of the deal, they can acquire Haniel's remaining 15.2% stake under a call option.

Haniel is Metro's largest shareholder, with 22.5%, which was worth €977 million ($1.12 billion) at Friday's closing price. Ceconomy owns around 10%.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

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