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Czech, Slovak investor offer to take over German retailer Metro

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Czech, Slovak investor offer to take over German retailer Metro
FILE PHOTO: German retailer Metro AG supermarket in Duesseldorf, Germany March 02, 2018. REUTERS/Thilo Schmuelgen   -   Copyright  THILO SCHMUELGEN(Reuters)
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FRANKFURT (Reuters) – EP Global Commerce, an acquisition vehicle owned by Czech and Slovak investors, is making a takeover offer for German retailer Metro that values the company at 5.8 billion euros (£5.1 billion), it said on Friday.

The offer price of 16 euros for each ordinary share and 13.80 euros for each preferred share is a 34.5% premium to when EP Global Commerce made its initial investment in August.

The firm, co-owned by Czech investor Daniel Kretinsky and Slovak partner Patrik Tkac, said the offer was a “a compelling value and a unique opportunity” for shareholders given the difficult market and challenges facing Metro.

Metro was not immediately available for comment outside of business hours.

EP Global Commerce, which already held a 10.91% stake in Metro, made the full takeover offer after it agreed with investment firm Haniel to buy its 15.2% stake.

It also said it would exercise a call option for a stake of 5.4% held by an affiliate of Ceconomy .

(Reporting by Tom Sims and Matthias Inverardi; editing by Jan Harvey and Jonathan Oatis)

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