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Metro shareholder Haniel takes hit from write-downs on stake
April 8, 2013 / 8:11 AM / 4 years ago

Metro shareholder Haniel takes hit from write-downs on stake

DUISBURG, Germany, April 8 (Reuters) - Family-owned German conglomerate Haniel posted a net loss of 1.9 billion euros ($2.5 billion) in 2012, hurt by write-downs on its holding in retail group Metro.

Haniel, which holds a little over 30 percent in Metro, wrote down the value of its holding by 1.5 billion euros, it said on Monday.

Haniel Chief Executive Stephan Gemkow reiterated that the unlisted group would remain a long-term investor in both Metro and drugs distributor Celesio.

Haniel last year sold down its stakes in Metro and Celesio to cut its debt to below 2 billion euros. ($1 = 0.7679 euros) (Reporting by Matthias Inverardi; Writing by Ludwig Burger; Editing by Harro ten Wolde)

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