Haniel has accepted EP Global Commerce’s takeover bid on its remaining Metro shares. The question is now what the other shareholders will do.
Second batch
As expected, Haniel has accepted the takeover bid of Czech billionaire Daniel Kretinsky for the remaining Metro shares. “We are convinced that a simplified shareholder structure, with the control function being fulfilled by a main shareholder, offers the best conditions for the successful transformation of Metro AG in a demanding market environment,” CEO Thomas Schmidt said on Thursday.
Haniel currently owns 15.2 % of the Metro shares, after having sold a first batch of 7.3 % to the Czech investor. Through the deal, Kretinsky’s investment firm EP Global Commerce now controls 32.7 % of the German concern.
67.5 % needed
EP Global Commerce officially released its takeover bid and offers 16 euros per share. With that, Metro is valued at 5.8 billion euros. The retail giant runs over 770 supermarkets in 26 countries and currently also owns supermarket chain Real. Kretinsky’s offer does come with a condition: Kretisnky may acquire 67.5 % of all ordinary shares. He considers it necessary to be able to enforce an agreement on control and profit transition with Metro.
It is as of yet unclear how the remaining shareholders will respond. The Meridian Stiftung still controls 14.2 % of the shares, while another 6.5 % is in the hands of the Otto Beisheim holding. The two biggest shareholders have been keeping their cards close to their chests, but they were not very enthusiastic about the actual takeover bid. This means that the shares owned by the public (45.5 %) may suddenly become important.
Metro considers the offer too low. At the announcement of the takeover bid in June, CEO Olaf Koch commented that he feels his company is severely undervalued under the current conditions.
