Ceconomy: sells 9% stake in Metro
(CercleFinance.com) - German consumer electronics retailer Ceconomy said on Tuesday that it has completed the sale of a stake of approximately 9% in German wholesaler Metro.
After EP Global bought a 3.6% stake in Metro from Ceconomy in September 2018, the holding company owned by Czech billionaire Daniel Kretinsky has now exercised its call option regarding the transfer of a remaining 5.4% stake, Ceconomy said.
The move comes as EP Global is launching a bid for Metro at a price of 16 euros per share.
After the deal is completed, Ceconomy - which was spun off from Metro in 2017 - will hold a token stake of just 1% in Metro, it said.
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