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Major shareholder wants to reject takeover offer for German store chain Metro - report

Major shareholder wants to reject takeover offer for German store chain Metro - report
FILE PHOTO: Shopping carts of Germany's biggest retailer Metro AG are lined up at a Metro cash and carry market in the western German city of Sankt Augustin near Bonn in May 5, 2010. REUTERS/Wolfgang Rattay - Copyright Wolfgang Rattay(Reuters)
Copyright Wolfgang Rattay(Reuters)
By Reuters
Published on •Updated
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BERLIN (Reuters) - Meridian Stiftung, a major shareholder in Metro, wants to reject a takeover offer from EP Global Commerce - owned by Czech and Slovak investors - for the German chain as it believes the price offered per share is too low, a newspaper reported.

German regional newspaper Westdeutsche Allgemeine Zeitung said Meridian Stiftung did not want to end its commitment to Metro though, even for fundamental reasons. Meridian Stiftung holds a 14.19% stake in Metro.

(Reporting by Michelle Martin; Editing by Douglas Busvine)

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