Metro Group shareholders will today vote on the planned demerger of the group into two companies; a wholesale and retail business trading under the Metro brand, and a consumer electronics business trading under the Ceconomy brand.
The demerger 'will enable both future companies to become faster, more focused and more agile in order to create even greater value for their customers', Metro Group said in a statement.
The demerger was first announced in March of last year, with organisational separation into two entities completed in September. Following today's vote, the company is hopeful to have both new entities listed on exchange markets by mid-2017.
“In a challenging market environment, we further increased our sales and earnings and met our guidance during the past financial year,” said Olaf Koch, Chairman of the Management Board of Metro AG.
“Both Metro and Ceconomy have established a strategic, operational and financial position that will enable them to pursue sustainable and healthy growth paths as independent companies: Metro as the leading wholesale and food specialist and Ceconomy as Europe's No. 1 in the consumer electronics business.”
Today's AGM will also see a number of new appointments to the Supervisory Board of both companies.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up for ESM: The European Supermarket Magazine.
