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* IPO restart depends on Ukraine, rouble - sources
* Metro hopes to raise 1 bln euros to cut debt, invest
* CEO has said IPO should proceed if market calm returns
DUESSELDORF, June 26 German retailer Metro
could resume seeking a share listing for its Russian
cash-and-carry wholesale operation in September, having delayed
the process in March due to the Ukraine crisis, sources close to
the matter said.
Company and financial sources said relaunching the initial
public share offer - which had been expected to fetch at least 1
billion euros ($1.36 billion) - would depend on developments in
Ukraine and the level of the Russian rouble.
Metro wants to use the proceeds to invest in the
fast-growing Russian business and other emerging markets and pay
Metro declined to comment but Chief Executive Olaf Koch has
said in the past the proposed offer had been well received by
investors and should still proceed if the turmoil on Russian
"Chances aren't bad that IPO preparations will be resumed at
the end of September," one of the sources with knowledge of the
If Metro wanted to use its fiscal third-quarter results as
the basis for an IPO prospectus it would have to send out an
intention to float at the latest by mid-October with a listing
then possible by mid-November.
However, companies usually file documentation sooner, rather
than get too close to the official deadlines.
Another source said Metro has its plan ready. "But until
now, the Russian market remains closed. It has improved but is
still not good enough to do a deal," the source said.
Metro is Russia's fourth-biggest retailer behind X5
, Magnit and French chain Auchan. Its Russian
unit made a quarter of Metro's group operating profit in 2013
with sales of about $5 billion, some 9 percent of Metro's total.
Shares in Metro fell sharply earlier this year, from 35.20
euros at the start of the year to 27.15 by mid-March due to the
Ukraine crisis and delayed IPO but have recovered in recent
weeks along with a bounce in Russian stocks. On Thursday the
share price was trading down 0.3 percent on the day at 31.575
Metro operates a sprawling empire of 2,200 outlets in 32
countries including cash-and-carry stores and Europe's largest
consumer electronics chain Media-Saturn which it sees as its
most promising businesses for the future. It also runs Real
hypermarkets and Kaufhof department stores in Germany.
($1 = 0.7335 euros)
(Reporting by Matthias Inverardi, Arno Schuetze, Megan Davies
and Olga Popova; Writing by Emma Thomasson; Editing by Greg