German retailer Metro Group has announced that it has completed its demerger to create a wholesale and food specialist with the brand name Metro, and a consumer-electronics company under the brand Ceconomy.
"We have achieved our goal: the demerger of Metro Group is completed," said Olaf Koch, chairman of the management board of the new Metro.
"Tomorrow the new Metro will be listed at the stock exchanges in Frankfurt and Luxembourg, and Ceconomy will also be traded independently for the first time. A historic day – for our shareholders, our employees and our customers."
The stock-exchange admission prospector of the new Metro had already been approved around two weeks ago by the German Federal Supervisory Authority for Financial Services (Bundesanstalt für Finanzdienstleistungsaufsicht, or BaFin).
The demerger was approved at the company's AGM in February, with the aim of creating 'two strong, successful, and strategically focused companies'.
However, a number of shareholders, including the MediaMarktSaturn minority shareholder Convergenta, filed lawsuits against the decision.
Last month, the Higher Regional Court of Düsseldorf (Oberlandesgericht) ruled that Metro Group could proceed with its planned demerger, despite these legal challenges. Now, the retailer says that any lawsuits still pending will now be dealt with by the courts.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.