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Metro to split on Thurs after court allows demerger
July 12, 2017 / 8:25 AM / 5 months ago

Metro to split on Thurs after court allows demerger

DUESSELDORF, July 12 (Reuters) - German retailer Metro will list as two separate companies after a German court gave a green light on Wednesday for the conglomerate to split its food business from its consumer electronics unit.

Metro said shares for Metro Wholesale & Food Specialist AG will be listed on Thursday.

Shareholders in Metro voted in February to back the plan to split the group’s wholesale and hypermarket food business from Media-Saturn, Europe’s biggest consumer electronics group, by the middle of the year.

But Erich Kellerhals, the founder of Media-Saturn, as well as other shareholders, launched a legal challenge.

But Metro said in a statement that a Duesseldorf court had on Wednesday entered the planned split into the commercial registry, meaning the demerger has come into effect and any pending lawsuits can no longer stop the plan. (Reporting by Emma Thomasson; Editing by Edward Taylor)

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