{"id":6477,"date":"2018-09-24T00:00:37","date_gmt":"2018-09-23T23:00:37","guid":{"rendered":"https:\/\/praguebusinessjournal.com\/?p=6477"},"modified":"2018-09-25T22:31:04","modified_gmt":"2018-09-25T21:31:04","slug":"kretinsky-buying-up-shares-of-german-retailer-metro","status":"publish","type":"post","link":"https:\/\/praguebusinessjournal.com\/kretinsky-buying-up-shares-of-german-retailer-metro\/","title":{"rendered":"Kretinsky Buying Up Shares Of German Retailer Metro"},"content":{"rendered":"

Reuters reports that Daniel Kretinsky is buying more shares in German retailer Metro\u00a0 from Ceconomy, the companies said on Thursday, likely stoking speculation of a full bid.<\/span><\/p>\n

 <\/p>\n

Metro, whose shares are down a third so far this year, has been refocusing on its core cash-and-carry business, selling its Kaufhof department stores and splitting from electronics chain Ceconomy last year – which retained a 10 percent stake. <\/span><\/p>\n

 <\/p>\n

Ceconomy said EP Global Commerce (EPGC), co-owned by Kretinsky and Slovak investor Patrik Tkac, is buying a 9 percent stake from it in two steps, 3.6 percent initially, with a put option for the rest, expected to be exercised in nine months. <\/span><\/p>\n

 <\/p>\n

The parties did not disclose the purchase price. <\/span><\/p>\n

 <\/p>\n

In August EPGC agreed to buy another Metro stake from investment firm Haniel. Metro shares jumped at the time as Ceconomy said it may also sell a stake. <\/span><\/p>\n

 <\/p>\n

If the Czech and Slovak investors exercise an option to buy the full Haniel stake offered, then EPGC could end up with 31.5 percent of Metro, above the 30 percent threshold that would require them to bid for the whole company. <\/span><\/p>\n

 <\/p>\n

EPGC said in a statement that the investors had flexibility to increase their stake in Metro to 30 percent, or to stay below that level. <\/span><\/p>\n

 <\/p>\n

Ceconomy shares ended the day down 3.7 percent, the biggest decliners among German midcap stocks .MDAXI. Shares in Metro closed 0.7 percent lower. <\/span><\/p>\n

 <\/p>\n

“This significant investment reflects their strong interest in the future development of Metro as responsible long-term oriented investors, with the goal to contribute to a positive development of Metro,” EPGC said. <\/span><\/p>\n

 <\/p>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Reuters reports that Daniel Kretinsky is buying more shares in German retailer Metro\u00a0 from Ceconomy, the companies said on Thursday, likely stoking speculation of a full bid.   Metro, whose shares are down a third so far this year, has been refocusing on its core cash-and-carry business, selling its Kaufhof department stores and splitting from … Read more<\/a><\/p>\n","protected":false},"author":5,"featured_media":4436,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[18],"tags":[541],"jetpack_publicize_connections":[],"yoast_head":"\nKretinsky Buying Up Shares Of German Retailer Metro - Prague Business Journal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/praguebusinessjournal.com\/kretinsky-buying-up-shares-of-german-retailer-metro\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kretinsky Buying Up Shares Of German Retailer Metro - Prague Business Journal\" \/>\n<meta property=\"og:description\" content=\"Reuters reports that Daniel Kretinsky is buying more shares in German retailer Metro\u00a0 from Ceconomy, the companies said on Thursday, likely stoking speculation of a full bid.   Metro, whose shares are down a third so far this year, has been refocusing on its core cash-and-carry business, selling its Kaufhof department stores and splitting from ... 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