BREAKING NEWS

Czech investor Kretinsky, partner raise stake in Metro to 29.99%

Czech investor Kretinsky, partner raise stake in Metro to 29.99%
FILE PHOTO: German retailer Metro AG sign is seen on the steps of their headquarters in Duesseldorf, Germany March 02, 2018. REUTERS/Thilo Schmuelgen -
Copyright
Thilo Schmuelgen(Reuters)
Euronews logo
Text size Aa Aa

FRANKFURT (Reuters) – Czech businessman Daniel Kretinsky and Slovak partner Patrik Tkac will raise their stake in German wholesaler Metro AG <B4B.DE> following a failed takeover bid earlier this year, their joint investment vehicle said on Thursday.

EP Global Commerce (EPGC) said it had exercised a call option to buy shares from German family-owned investment group Haniel [FHANI.UL] and raise its stake to 29.99% from 17.52%, just below the threshold that would trigger a full takeover bid.

The closing of the deal is expected on Nov. 6, EPGC said, adding it underlined its “commitment of EPGC to Metro AG as a responsible strategic investor”. The move will make EPGC Metro’s largest shareholder.

EPGC said it would seek appropriate representation on Metro’s supervisory board, adding it retains a call option to acquire further shares from Haniel. No financial details were disclosed.

EPGC in August failed with a 5.8 billion euros ($6.5 billion) bid for Metro after failing to find common ground over valuation with shareholders Meridian Stiftung and Beisheim Holding, which hold a nearly 21% stake in Metro.

(Reporting by Christoph Steitz)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.
Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.