Metro Group shareholders have overwhelmingly approved the companies demerger into ‘two strong and successful companies with a clear strategic focus’, at the company’s AGM.
Some 99.95% of shareholders approved the merger, which the group said is ‘a milestone on the road to two independent companies’, comprising a wholesale and food business under the Metro brand, and a consumer electronics arm, Ceconomy.
"Two strong and focused companies are starting operations,” said Metro Group chairman Olaf Koch.
“Both are highly dynamic and have the necessary talents to independently achieve sustainable and healthy growth. We have worked hard over the past years to pave the way for this successful transformation.”
The future chief executive of the Ceconomy business, Pieter Haas, reinforced his words by saying, “With our comprehensive repositioning, we have created an excellent foundation for a successful future as an independent player.”
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up for ESM: The European Supermarket Magazine.