Court allows Metro to split, list as two separate companies
Shareholders in Metro voted in February to back the plan to split the group's wholesale and hypermarket food business from Media-Saturn, Europe's biggest consumer electronics group, by the middle of the year.
But Erich Kellerhals, the founder of Media-Saturn, as well as other shareholders, launched a legal challenge.
Metro said in a statement that a Duesseldorf court had entered the planned split into the commercial registry on Wednesday, meaning the demerger had come into effect and any pending lawsuits could no longer stop the plan.
Metro said shares for Metro Wholesale & Food Specialist will be listed on Thursday, while the consumer electronics business - renamed Ceconomy - will trade independently for the first time. ■