Shares in Germany's Metro climbed on Monday after EP Global Commerce, owned...
BERLIN - Shares in Germany’s Metro climbed on Monday after EP Global Commerce, owned by Czech and Slovak investors, made a takeover offer that values the store group at 5.8 billion euros .
EP exercised a call option on Monday to buy another 5.4% stake in Metro from Ceconomy, with the closing of the deal to happen in the next few days. EP Global Commerce first bought a 3.6% stake in Metro from Ceconomy last September. The bidder, co-owned by Czech investor Daniel Kretinsky and Slovak partner Patrik Tkac, argues the move offered “compelling value and a unique opportunity” for shareholders given the difficult market and challenges facing Metro.
“Clearly management has to do its fiduciary duty to obtain maximum value but we can’t see a higher bid coming along,” Monteyne said, noting that EP already had a stake of more than 30% with the shares from Haniel and Ceconomy. Once a sprawling retail conglomerate, Metro has in recent years been restructuring to focus on its core cash-and-carry business, selling off the Kaufhof department stores and then splitting from consumer electronics group Ceconomy.
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