Metro to list up to 25 pct of Russia cash & carry unit
BERLIN Jan 20 (Reuters) - Metro AG plans to sell up to a quarter of its stake its Russian cash and carry unit in a initial public offering in the first half of the year on the London stock exchange, the German retailer said on Monday.
"We expect a listing to enable us to expand our business in an even more dynamic way and to strengthen the balance sheet of Metro Group at the same time," Chief Executive Olaf Koch said in a statement.
Metro, Europe's fourth-biggest retailer which runs cash and carries, supermarkets, department stores and the continent's biggest consumer electronics chain, has been restructuring its portfolio to cut debt and focus on core businesses.
Metro's shares, which jumped in November when Reuters first reported the company was considering a Russian IPO, rose on the news, to trade up 2.7 percent by 1045 GMT.
- Gaza fighting abates as diplomatic tension flares |
- Hague court rules in favor of Yukos shareholders vs Russia, awards $50 billion: source
- Pushing locals aside, Russians take top rebel posts in east Ukraine
- Obama could curb corporate 'inversions' on his own: ex-U.S. official
- Family of five found shot dead in Maine home: police