February 21, 2019 / 9:21 AM / a month ago

Watchdog clears possible Metro takeover by Czech investor Kretinsky

FILE PHOTO - German retailer Metro AG supermarket in Duesseldorf, Germany March 2, 2018. REUTERS/Thilo Schmuelgen/File Photo

FRANKFURT (Reuters) - Germany’s antitrust watchdog has cleared a potential acquisition of retailer Metro by Czech investor Daniel Kretinsky, a spokesman for the Federal Cartel Office said on Thursday.

Kretinsky had asked the agency to review his plans to buy a stake of 25-35 percent in the company, which the watchdog cleared. Any acquisition of more than 30 percent would trigger a mandatory takeover offer, according to German law.

People close to the matter had told Reuters last month, that Kretinsky’s vehicle Global Commerce (EPGC), co-owned by him and Slovak investor Patrik Tkac, was working on the financing for a possible tender offer.

Reporting by Matthias Inverardi; Writing by Arno Schuetze; Editing by Riham Alkousaa

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