Metro Group has said that the splitting off of its wholesale and food business from its consumer electronics operation is 'taking shape', with a completion date of mid-2017 earmarked.
Yesterday, the Metro management board announced that it was starting with the preparations required for the demerger, adding that from 30 September, the group will be 'split into two organisationally separate entities on a pro-forma basis'.
“In the past months we have intensively analysed the planned split of our group into two strong and focussed trading companies”, commented Olaf Koch, Chairman of the Management Board of METRO AG.
“Now, we are creating the first important prerequisites and will implement the according actions. With the organisational separation, we are taking the first major step towards creating a leading international Wholesale and Food Specialist as well as the European market leader for Consumer Electronics products and services."
Koch added that he expected that the two separate entities "will be even more successful when operating independently”.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.
