German retailer Metro Group released a statement that the planned demerger into two 'strong, successful and strategically focused companies', as well as the associated share listing, would proceed as scheduled despite four legal suits that have been served to the company.
The group had voted almost unanimously to split the company's wholesale and hypermarket food retail section from electronic giant Media-Saturn.
"The shareholders of Metro AG, at the annual general meeting, approved the plans for the demerger of Metro Group with 99.95% of the voting capital represented", commented Olaf Koch, chairman of the management board of Metro AG.
"We consider ourselves well-prepared for any legal dispute. We continue to expect that the demerger will become effective in mid-2017."
Reuters had reported the initial suit last week after a tip from a source knowledgeable of the matter, speculating that it could have been brought by the founder of Media-Saturn, Erich Kellerhals. He had previously said he would consider bringing a legal challenge against the company in response to the demerger.
© 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.