FRANKFURT, March 10 (Reuters) - German retailer Metro on Friday stuck with plans to split into two businesses by mid-year despite four lawsuits brought by shareholders against it.
“Individual shareholders have initiated suits against this at the district court of Duesseldorf,” Metro said, without disclosing their names.
“Despite these suits, Metro Group is maintaining the current timetable for the completion of the demerger as well as for the listing of the shares in the future Metro AG planned for mid-year.”
Shareholders in Metro overwhelmingly voted last month to back a plan to split off the group’s wholesale and hypermarket food business from Media-Saturn, Europe’s biggest consumer electronics group.
Erich Kellerhals, the founder of Media-Saturn who still owns a stake of 22 percent the business, this week filed a legal challenge against Metro’s plans. (Reporting by Ludwig Burger; Editing by Harro ten Wolde)