A British role model

27 January 2017 By Olaf Storbeck

The German retailer plans to split and form a retail-wholesale group not dissimilar to the British supermarket’s 3.7 bln pound acquisition of Booker. If the market’s view on Tesco’s tie-up is any guide, Metro can argue its own investors aren’t giving it full credit.

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German retail conglomerate Metro Group will ask shareholders to approve a split of the company at its annual shareholder meeting on Feb. 6. The group wants to separate its consumer electronics unit from its food wholesale and retail operations.

Metro's food wholesale and retail operation would be spun out into a new company that keeps the group's name. The consumer electronics business would stay with the existing company, which would be renamed Ceconomy.

Three-quarters of the shareholders attending the annual general meeting need to approve the split. The three anchor shareholders of the group, which hold almost 50 percent of the vote, are supporting the demerger.

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