Media-Saturn founder weighs challenge to Metro split
source: FoodPro Network International
DUSSELDORF - The founder of Media-Saturn, the consumer electronics group owned by Metro is considering a legal challenge to the German retailer's plan to split into two companies, potentially delaying the move.
Shareholders in Metro overwhelmingly voted on Monday to back a plan to split off the group's wholesale and hypermarket food business from Media-Saturn, Europe's biggest consumer electronics group, to be renamed Ceconomy.
Billionaire Erich Kellerhals still owns a stake of close to 22 percent in Media-Saturn and has regularly clashed with Metro over its management of the business.
He is preparing a legal challenge to the split, a spokesman for his investment firm Convergenta said on Tuesday, but added it was not yet decided whether or when the challenge would be filed (Reuters / Financial Times).
Kellerhals has four weeks from the shareholder meeting to lodge a challenge. If he proceeds, it could delay Metro's plans to split, which it wants to happen by the middle of the year.
More than 99,5% of the shareholders agreed with Metro's plan to split the two companies.
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